I am sorry that its was such a busy yesterday morning that I was unable to post. We have been covering shorts into the lows of overnight and morning Tuesday and the prior close...we were nearly entirely flat before the open Tuesday and flat by the morning and I had a post in progress…as, I have a quite a few trading desks to check confirm with traders to check in with, it was just too busy a time to compose it and get it out…again, I apologize and in the future I will try to do a simple one liner if a similar case occurs.
Regardless, I do not see the larger move as done by any means. The reality is that this bounce is credit fueled squeeze of leverage and will further reduce available liquidity in the markets. It will probably last a little bit longer than one would think, maybe a few days more (but its not wise to count on that) to accomplish a better retest of the resistance.
But my larger-term target zone is alive and beckoning...it is not a good idea to play on the long side of a market that can at any time drop 100 points from no where...and most important it is important to take profits incrementally no matter how stupid you feel when you are doing so...
We had the biggest 40 days of trading in history for me by employing the concept that we accentuate activity that is 180 degrees contrasting to generally accepted norms...yet at the same time attempts to be as conservative as possible in doing so...This is what I tried to get across in the recent webinar's and interviews...trying to be safe in the end can make you a lot of money by opening you up to new possibilities.
We WILL be getting short again as previously and will be long the dollar as well.
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