BKX is everything. Sometimes we complicate things. There is a simple choice here: does one accumulate on down days near the targets, or is one getting short right here for a turn down. RUMX holds the answer. It'll depend on this test:
angelfire.com
What's the stance here for a swing trader? If we go up, many near-term (weeks to months) bear market scenarios die. Up or down from this spot? The bear market itself seems to swing on this question, although personally, I reject that notion.
If one believes we are going down, this morning was an excellent opportunity to get short right at the top. Remember, in this case one believes we are building a top. It was not hard to see today setting up as a struggle, so the call was not that hard by 11 AM.
Anyway, if you're a bull, today was an obvious day to take some off the table. No need to get out of much, but a nice take to book, say, 25% of the longs. leave the stops in place and take a few days off. There is no need to add here, it's a terrible entry. |
