I sold the SSO position this morning in the pre-market. It was a long swing trade from December 28th that I've added to along the way. A nice win for big week. Tomorrow I head to Georgia for some meetings on Friday. I'll spend 2 days on the road, and my head will be a lot clearer without this position occupying my mind while I'm away from the screens. As I said a few posts ago, it's hard to be a bull in a bear market. I'm getting out while the getting is good.
(For the record, I'm actually a bear until people tell me "not to put a dime in the market because all it does is go down." Until that happens, there is ample optimism to trade against, bullish swing trades not withstanding.)
I may very well have left money on the table. While the oft-mentioned target of 1292.66 should easily get dusted off during today's regular session, 1308 is a viable target too. But I don't want to be too cute here, nor do I want to get caught up with greed, especially while I'm on the road. The downside could be considerable once this up-thrust is completed.
Yesterday's 1274.55 low looked like the e-wave of an a-b-c-d-e triangle. I posted a chart of it on my Twitter feed. It seems to have worked well so far. The wild card is how high. This week, my mind will be on other things. The only thing I'm looking for is a VIX close below its 2 standard deviation band. We haven't had one since April of 2011. It's about time.
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