There is a powerful U.S. equity market rally underway.
Though I would continue to use it as an opportunity to sell, I ALSO covered my short positions today (and while that might appear contradictory... discretion is the better part of valor), and won't shore again until the market rolls. The shorts were a losing trade, but your first loss is your BEST loss. When I am wrong, I am gone - I don't stand on ceramony or defend losing positions. The greatest talent a trader can have is teh ability to admit thay were wrong.
There are powerful interests at work here, and it is best not to stand in front of a freight train. Short squeezes result in the most violent of rallies, and that appears (to me) to be the case here.
You can trade this rally if you have the chutzpah, but you should not BELIEVE the rally IMHO.
Subscribe to:
Post Comments (Atom)
3 comments:
G:
Word. If there is a doubt, GET THE FUCK OUT!
Just covered my short 950 calls.
FWIW, spooz rally not being confirmed by the dollar oblivion trade of late. But no matter. Pontifications don't pay the bills.
LD
Look for 12500 on the DJIA.
Regards,
Coal Guy
Dollar slipping. Spooz move confirmed. They are playing with fire. Again
Post a Comment