Apparently I'm an arrogant mofo, or so I was told today. I recognize there is some truth to my 'projection of some arrogance' when conveying information that I grasp very well, but I make a conscious effort not to be arrogant (as arrogance goes hand-in-hand w/ stupidity).
Until I can trade full time, I just gotz to roll with the punches of corporate America... awesome. (they have treated me well, so I can't complain)
Confidence is a whole other story. That, I got plenty of. But, more importantly, I know when I am not confident in something. (and here is the transition) Am I confident the market will go down? nope. Not after Apple's quarter. (Talk about a bitch slap to the bears!)
The troubling aspect of the market is that the Vix is retesting its lows, and the SP500 is retesting the weekly resistance. The set-up got me cautious enough to take on some protection before the market close.
Apple's earnings should provide a nice catalyst upward, but I do not think enough to break through the resistance just yet. At the same time, I do see a scenario for a sector rotation to take place, primarily in the energy names. I would like to add to the protection as the market opens, but I have jury duty tomorrow so I may not get the chance to trade.
Basically the market can continue to trend water here until the rotation trade is completed. From there, another analysis will be needed.