I'll be punting some long exposure here into the close as we've now gained a very unhealthy 14% in a span of 1 day and 1 hour. Yes, unhealthy. That's not how real rallies are built. That doesn't mean we go down tomorrow but we can begin to rebuild our hedges "soon". A rally we can believe in should be multi week, multi month and we'd get 14% over 4 weeks, not 7.5 hours.
If the party continues past tomorrow we'd look for S&P 870 which is the 20 day moving average to break and an assault on the 50 day moving average in the upper S&P 900s. Remember, your grandkids are funding this rally -- so smile.
Anyhow, I'm taking in some "chips" as student body runs left. Don't try to make sense of it; as I wrote this weekend - the "efficient market" has become a hopeless joke. We'll see you back at 3 PM tomorrow ;)
1 comments:
Shorted S&P @870 this morning
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