Trading charts for Thursday, March 23

Good morning and Happy Thursday,

As a reminder I’m currently 100% cash, I sold all of my positions yesterday around 11am because I didn’t like the risks going into the FOMC meeting — turns out I was right because that close yesterday was ugly. Given that close and all the other headwinds in this market I’m not planning to start any new positions today or tomorrow unless I see some really compelling setups ie pullbacks to the 50/100d MAs on my favorite growth stocks.

I think this is the time to be patient and hoard cash until we get some clarity on where the markets want to go — wait for better setups and breakouts before increasing equity exposure.

I didn’t have time to put together a full newsletter this morning so I did this 15-20 minute webcast on Zoom…