Whether or not bulls can pull off another V-shape rally to new highs remains to be seen. But what we can say with certainty is that the selling in growth names and other leaders in recent weeks has been unlike anything we have seen since 2012.
The highlight of the past few weeks in the market for us has been sniping short sales while avoiding major drawdowns. Covering shorts to lock in hard-fought gains and then moving to a highly defensive cash position earlier this week puts us in a spot to objectively reassess the true strength, or lack thereof, of this market next week.
Losses in other names were religiously kept to a minimum, inside our 12631 Trading Service, which @RaginCajun and I direct.
I can assure you that a membership to 12631 is well worth its price over the long run.
The way we see it, the big winners will eventually take care of itself–What we care about most is mitigating downside and not being stubborn with losers, and not taking on unnecessary risks. In addition, we strive to preserve a top shelf, quality atmosphere for traders of all backgrounds. We fuse together actionable idea flow with a constant emphasis on proper risk management techniques in our streaming, Twitter-like, state of the art chat room.
Please click on this 12631 hyperlink for more details about joining our great team of traders at a very reasonable price.
Also, be sure to catch my next Weekly Strategy Session. Please click here for details about joining. Please also note that members of our 12631 Trading Service receive the Strategy Session each weekend at no additional cost.
See you there.
Have a great weekend!