QUICK THOUGHTS
Not really much to do at these levels in the market. It is always at the beginning of turning points (if we are indeed facing one) where opportunities begin exhibiting risk/reward characteristics that favor doing absolutely nothing.
Any long setups have, for the most part, been invalidated. Short setups I am actively searching for, but have yet to come across anything that meets my requirements. I am somewhat "tighter" than most when it comes to filtering out potential trades, as I prefer getting into positions that offer outstanding risk/reward setups. They do come, but not every single day.
PSTR is seeing its fair share of volatility today on some heavy volume. I am looking to make a final addition into the stock and will likely do so when I see a favorable pattern emerge. For the time being, it's not there yet.
I did mention last week that we're at a point where I feel that oil and equities will begin a positive correlation. It's all part of the inflation trade that will see asset prices rise across the board. We're seeing it today with the first substantial down day in oil being tailed by the first substantial down day in equities in sometime. I think this trend will become more pervasive throughout the year.
That's it for now. I'll be updating the website if any trading ideas fall from the sky.
