Hi guys!
I realise that... between working 12 hour days (and sometimes nights), and traveling, and so forth, I may not have been participating enough on this forum. But, fwiw, for now I cannot think of any adequate EW-based justification for staying short SPX if the index breaks above April 17 and 24 highs. That's my plan - half of my short exposure stays on the table against the second, and another half against the first of those highs. If they don't hold, I simply have to step aside, or go more aggressively long. Didn't decide yet.
The action since the 4/21 low is either a choppy toppy situation -- or, a bullish series of 1's and 2's. Could be something else, of course... (there is always something else -g) - like an evolving "B" of a larger correction. But there, we're again talking longer therm bullish talk, even if we do get a "C" down.
Tell ya one thing -- I'm quite worried about this new brand of flu, hitting our shores so late in the spring.... but I'm very suspicious about the use of bearish (or bullish) fundamentals of this sort. They are a perfect setup for a break in a... different direction. |
