I’m not against buying stocks still but at this point, the price action needs to be reigned in a bit.
I’m not looking for price action to go back down to the February lows, not now at least, it may later, but that isn’t for the here or now to really consider.
What I am looking for is price action to calm down some, we have gone from extreme oversold levels to extreme overbought levels and the latter has to pullback some at this point. We are already at parabolic, euphoric, or whatever you want to call it at this juncture.
So I am passing up on some solid long setups today, and waiting for a better risk/reward environment to be buying at because right now I consider the current market environment to be carrying a 1:3 reward/risk ratio.
So be patient and in the meantime here are the long setups to be watching: