Yes the market has gone red…if we were gonna roll over we would probably do it with some panache. This is a light meek pullback. If Bob the bear had any sack he would send us thundering down straight through the levels of support. To me this looks like a low vol pullback or slight consolidation. dont believe anything u hear on twitter unless its from me or men of my ilk ( i roll with gentleman) they will have you believe that they just keep shorting all this way up. Nobody has the cash to be adding to their shorts for a straight montha fter the market ripped 10-15%. Bears got a ton of opinions and are armed with useless facts they can tell you the density and composition of the mole on enrique iglesias face if you ask them. They know all. Me i got no opinions..i just go day to day looking for stocks that have the potential to make a 20% move in a matter of 1-2 days. thats it.
We have multiple layers of support underneath us. When we do get to that time to roll over it wont be a straight shot. There will be numerous levels defended on the way. so in the mean time enjoy your profits.
After a breakout. A proper retest of the area is actually healthy as it serves to confirm the move. So a pullback to that in a way is healthy.
i get a lot of questions on hedging last couple days. Should I add $faz or $tza just in case. To be honest unless ur managing a million dollar account i say no. Instead shave some profits off ur stocks then raise up your stops. thats the best hedge you can have. When i get nervous I just move to 50% cash. That gives a big cushion to bail out on my mistakes.
so chill and check out $ivan if u got time..something very interesting is happening there.