Just so you know, at the moment I am chanting in my head, "Break out!! Break out!! Break out!!". From my perspective, the wedge that has been forming is a BULLISH wedge, not a bearish one, you just have to adjust your trend lines a little bit. It now appears as though the market might break across the 50DMA and break out to the upside. I would love to see the bear market rally that I have been impatiently waiting for, the market going to the 200DMA. I'll look for my precious metals stocks to move to at least the 200DMA, and maybe some others. There needs to be more volume, though.
With that in mind, I actually looked at my account, and thought, "Wow, I still have some cash on the side? Let me fix that ...".
I'm still watching the Baltic Dry Index (BDI) for it to find support in the 50DMA, and then start to move higher. If it does, then Dry Bulk shippers should be a good trade. The BDI is an index of the spot market prices for dry bulk shipping, so dry bulk shipping tends to track the BDI.
I also noticed that oil prices are at least stabilizing, if not starting to move higher. I would like it to be out of sync with precious metals, which it looks as though it will do that.
In a twist of fate, my Axsys Technologies(AXYS) stop loss order did not go through. It is now moving higher.
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