Volume has let-up today, but otherwise today's internals remain mostly negative. Strongly negative breadth is particularly notable and argues we won't manage a reversal today.
I've re-increased the index shorts slightly today, but nothing dramatic and I may even have to let them go again before the close, depending. We opened more or less near the lows of the session (so far anyway) and the bulls can argue that as positive. At the same time we were unable to reverse higher on the day; so there is the argument for the bears.
It's a half-ass, empty glass...if you ask me.
Shanghai backed-off for the 3rd session in a row, after trading nearly to new highs last week. But Hong Kong was pelted 5% today, marking a succinct breakdown now in that market. Sub-prime Sublime.
What's a trader to do? Keep it short baby!
I'm not buying anything on weakness at the moment. But if we start something higher again, I will take my lumps and move aside; as I have done several times since going net-short in May.
All accounts are at new highs again and I'm letting the other geniuses buy-the-dip on this one - I will only buy/cover this market on strength. I'm not putting my head on any chopping blocks right now (long or short).
Buying the dips only works the first 10,000 times in a perma-bull market. At some point you become the dip.
Buying the dips only works the first 10,000 times in a perma-bull market. At some point you become the dip.
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