This would be the perfect weekend for lengthy analysis, but since I remain more interested lately in what I do and less what I say, I'm going to dumb it down to a simple email response to a fellow trader.
...Thursday's reversal made an impression (impressive since it looked like we were making lower-highs [from prior to the Goldman break-down], and adding a significant distribution day - but leadership held and the market reversed instead; then took out the highs on Friday).
Curious as to your thoughts - I'm not counting out that we just accelerate now and get silly. If that is the case the buy-the-pullback folks will not be happy.
...especially once they start buying the pullbacks ;)
Edit - re-response: Not wanting to glue onto any scenario. Could be we accelerate now, no chance for those waiting on a pullback to get in...until they should not be getting in.
That's enough mouth from me (commentary comes so easily lately!). I'm flying up to Bellingham now to ride shotgun tomorrow on a supercar driving tour (a 70th birthday gift we put together for CD-Sr...since he's subscribed to Road and Track for maybe 60 of those years and has yet to step-on a Lambo).
Total Position: Currently ~2.4-to-1 net-long; 42% invested
Currently Long (according to size): MF (6.2%); CAAS (5.5%); CHS (5%); CISG (4.4%); ULTA (4.1%); AVGO (3.4%); WATG (3.3%)
Currently Short: SKF-long (Financial Index Dbl-short, 5.4%); FCX (5.1%)
Futures: Active week - no current position
Twittspit for details