Although President Trump may not immediately sign the tax bill, we are starting to see some 'sell the news' action. The S&P 500 has taken out yesterday's lows but breadth is still running on the positive side.
My thesis here is that the indices are due for some corrective action but I'm keeping a positive bias as far as trading in individual stocks. The bitcoin related names are cooling off again but there continues to be some great opportunities for fast moving traders.
I had my best trade of the year today in Net Element Int'l. (NETE) which I had posted as a Shark Technical Buy on Monday night. I got very lucky but it's a good example of the opportunities that are created when there is a trading frenzy.
Many pundits use the word 'bubble' like it's a negative but bubbles can make for some fantastic trading. You just have to realize that you need to vigorously protect gains when you have them. I've already sold most of my NETE position but wouldn't hesitate to try it again.
I'd like to see the indices sell-off a bit harder and for some of the bitcoin critics to suggest that the frenzy has ended there. Some downside now is what we need for better action into the end of the year.
On my bitcoin list for potential buys I have Seven Stars Cloud Group (SSC) and Nxt-ID (NXTD) . I don't see too much else setting up and overall have been a net seller today. A good hard hit to the indices would be ideal for some 'holiday trading' in individual stocks.