IBD has called yesterday's action a follow-through day, but with "Signs Of Caution". I don't think I have ever seen such a qualified call from IBD in The Big Picture headline. So, how do you handle such a call - wait to see that the market follows-through on its follow-through, i.e. wait to see that markets are up at least 1% in early trading before taking action on the follow-through. That is what I will be doing.
Interestingly, a number of our other systems switched to long yesterday as well: the weekly-daily, modified donchian, moving average and the 3 week rule. As I said in last night's post, perhaps the best way to trade this market is long only - with targets at the moment. I will not be looking to add any more shorts until wave (B) completes.
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