MYL - took loss - somebody stop this dizzy market!!!

The market keeps spinning and spinning, taking money out of the hands of traders left and right.  Bullish or bearish, you are most likely going to take some losses in this market.

Until one side or the other finally gets determined and starts moving this market we may need to keep one of these close by:

Anyway, I'm actually quite content right now.  Yes, I've taken losses, but more importantly, I've been blessed with wisdom on how to trade a sideways market, so I'm just sitting back and waiting for the right entry.

Let's look at the chart of MYL:

Okay, here's the question - why did I get out if my stop wasn't hit??  Bueller, Bueller, Bueller...

Reason: LOOK AT THAT TAIL!  Price traded almost up to my stop today.  Now, the bears DID come back in and drive that price back down, but that's scary.  Also check out the stochs just climbing up higher and higher.  And, see that MACD, it's ready to start screaming higher.

Here's another reason - the overall markets today:

If you look closely, you will see that I put a dotted blue line that represents the last high.  Now, once those price goes ABOVE that high, then what do we have???  A higher high.  And a higher high is indicative of a POSSIBLE bullish trend, because we also need a higher low.

The DIA and IWM have already made a higher high.  The SPY also went above the last high by a few pennies today (although it doesn't look like it on the chart above).  So the last one we're waiting on is QQQQ.

This should be a warning shot across the bow of bearish trades.  Be warned it's POSSIBLE that we could be switching into bullish mode.

So, I got out of the trade because of that tail, the indicators and the overall markets.  I sold my long option today for $1.64.  I originally bought it for $1.90.  Therefore, I took a $0.26 loss on it plus commissions.  This put my ROI at NEGATIVE 15%.  Which in all reality compared to the size of the losses I have been taking - is a breath of fresh air.

From here, I'm still in 2 bullish trades:  CBS, which is looking just so-so, and DELL which is starting to move now in our direction.  And once QQQQ's get going DELL will skyrocket.

I'm going to sit tight and keep an eye out for the market to pull back a little bit in order to put in a higher low.  Once I get that higher low, I'll be looking to get back into some bullish trades.  Of course, that's just my guess for TODAY.