In the next few weeks, the stock market will either bust out to the upside or tank to the downside. To me a downside move has a higher probability. After all, the bull market is waning and the current rally may be of the bear market variety. And there haven't been many positive catalysts recently.
With earnings season just starting, the direction of the market may change suddenly. So there is a small chance of a breakout to the upside.
It's too tough for me to call right now. So I'm going to hold and wait for a confirmation of market direction. Until then, I hope to enjoy the rally and do a little profit taking.
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