Upside Breakout — Or Yet Another Indelible Trap?

We’ve been trading in a tight range in the Russell since February and I don’t believe you should get too overly excited over today’s extravagant +240 point NASDAQ splurge. While it’s true the right stocks are running and ETH and BTC encroach on record highs in spite of what the catamite Peter Schiff has to say about it.

Even with reserve, one should not be net short into a melt up but at a minimum cautious not to squander recently earned gains. I am only up 55bps today, after selling all in the morning and removing a downside hedge and have not invested much since, other than a little upside SPY ETF, NVDA and RNG. Although I wanted to be up 3% in the morning I wasn’t — partly due to my Chinese positions which underperformed thanks to more communist chicanery, menacing their financial institutions with threats in Chinese newspapers this morning. Nevertheless, I remain committed to a more circumspect approach to my investments and will not be lured back into the fray to chase down stocks like an oily dog in an oily oil field.

I will position for tomorrow today and will not take on too much risk — because I have made back nearly half of last month’s losses and will avoid at all costs to give even a penny of it back.