I had positioned for an ordinary melt up today but instead we have received a ribald on led higher by micro caps and shit stocks. This isn’t extraordinary, since the smalls have lagged. However, we are also seeing major volume spikes in dozens of momentum names. I don’t want to suggest blow off top — but anything can happen.
Micros are up 1.7% whilst large are down 0.2%.
We are also OVERBOUGHT in Stocklabs and based on the data — this is bullish.
In a sense, this is the type of tape that produces short squeezes and massive runs in beaten down names.
HOWEVER fun this might be, I moved to 100% cash in my trading since my returns were small and I had been positioned for a larger cap rally. Only +41bps for me.
I have two choices in front of me:
1. Be happy with the small return
2. Risk squandering it via chasing retarded stocks already +7% for the session.
SIRS — I am a professional of the highest order.
If you enjoy the content at iBankCoin, please follow us on Twitter
