Yesterday was a very exciting day for the bulls, I bet they loved watching the bears capitulate. Today the market internals look soft and that is what I expected to see after the market went parabolic, people are protecting profits or scaling out of winning positions. Today I'm not adding or adjusting any of my positions. I think we will remain soft till mid next week, then we will test 1000. I am not a bull at this point, I want to see the action at or around 1000 to take a stance on market direction. So for now I will continue to be theta positive and market neutral.
Above is a chart of the cubes. To be realistic I think that this could pull back to about the 37 level to make a higher low. Things just don't go straight up or straight down.
Posts
No comments:
Post a Comment