Yes, I expect some rally attempts, but my short position is via mutual funds, so it is not very nimble.
Given that, my plan is to just ride out any rallies, and hold the short position until I see evidence of a bottom, which might take a while.....
I don't see QQQQ rallying significantly above $37. That BB must get opened up, and I think the odds are extremely high that they will get opened to the downside, but first we'll probably see one or two more tests at that $37 region.
stockcharts.com[w,a]daclyyay[dc][pb50!d20,2][vc60][iLyb20,2.0]&pref=G
Allternatively, we could see a bit of push on the top rail, followed by a push on the bottom rail, that together would expand the BBs and allow QQQQ to drift below $36 in more orderly fashion.
So probably I will be short for several weeks, thru some almost inevitable short-term rallies.
I'll be following the volumes particularly closely, and if I see evidence of a more extended rally brewing, that might cause me to cover my short position. But as yet, I have not seen any such evidence, and in fact, I have seen evidence to the contrary.
Guess we will see how that strategy works out.... obviously it will not all be as easy as today was.
T |
