<<I still have to wonder how much higher the bulls can hold this market up here? Looking at the current state of the market and the VIX, it clearly shows increasing complacency to buy this market. I surely don't want to be long when the song ends, and from where I stand it will end just like JAPAN. >>
Too bearish, too early, imo. There is usually enough time to get out, if you got in early enough. Try looking from a intermediate to longer term perspective. You will likely see a topping action over 6-8 days, maybe more, if you don't set highs, it will test the lower range, if it breaks you get bearish. If it breaks higher, you stay bullish. Let the market tell you where it's headed, jmo.
If you're in a position going against you, you'll find (as I have) that you wish for the trend to change in your favor. And you definitely don't want to be wishing.
A good indicator tomorrow will be if we gap and crap or gap and hold, to how things continue. As much as I think we should probably head lower, I see it going higher and let my trading follow that trend til it goes against me.
Regards,
Ketan |
