Respect The Market Trend But Be Aware Of The Risks

The easiest way to lose money trading in the stock market is to focus on a macro-financial argument for a particular price outcome but ignore existing price action. It deserves repeating: the number one rule for profitable trading is to respect the current price action. While the majority of pundits talk about negative macro factors and exogenous risks, the price and volume action in individual U.S. stocks and the U.S. stock market indices has been generally positive, supporting the case for higher prices.

http://www.forbes.com/sites/jonathansherman/2011/11/08/respect-the-market-trend-but-be-aware-of-the-risks/