The market's failure to rally into my target area of 950 for quite some time and numerous bearish indicators that show a big decline can occur any time has caused me to abandon my long positions. With very light volume during the holiday weeks here it only adds to the uncertainty and risk. The larger trend is down, that I'm quite certain of so I have modest short positions and will add to them if the market rallies.
As for the short term movement day to day, I have no idea. I'm short and holding short for the next declining phase.
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Thanks Todd,
GL this week and have a nice Christmas, I think I will just short have of my position, and short the rest if the s&p rally above 900-950 or drop below 850.
Hey Michael, Merry Christmas to you too! Unfortunately I have to trade the market I have, not the market I want. The market I wanted was a rally to 950 and reversal. That hasn't happened in a timely manner, so I'm just holding short and watching closely. If I see a good opportunity or something significant unfold, I'll post it.
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