Last week, I noted the ascending triangle was bullish, so I was looking for an upside breakout. That was wrong, but the key is “looking for.” That is, you always WAIT for the move, THEN trade in that direction. The move turned out to be down, so I think you now want to be on the bear side.
Tiffany & Co. (NYSE:TIF) had a nice move a few weeks ago, but nothing since. That’s fine, as you didn’t miss much. Now, I’d wait for another breakout before buying.
Want a lesson in patience? I love Costco Wholesale Corporation (NASDAQ:COST), but a month ago I urged patience, advising to wait for a trendline break. The good news? You saved yourself pain and money by doing exactly that.
Back next week to see if my Bear hat was put on correctly.