I am still going Dr. Lecter style, being restrained from going all-in long on this market. For those pressing their shorts the past few days, the frustration of seeing this market hold up incredibly well must be beyond belief at this point. Personally, I am enjoying wins in my top two positions today: $DPZ and $EPAY. I wish I had taken my own advice and bought the high-flying $COIN, which was one of my top setups for the week that I posted on Sunday night.
As stated in previous posts, I am still holding a very high cash position–north of 50%. We are still in earnings season, and I still have my suspicions about today’s action. I am concerned that today could be a mere dead cat bounce before we head lower the rest of the week. I would have liked to have seen more definitive action today, but it appears that we are drifting in front of $AAPL earnings tonight. Times like these test the true discipline of a trader. You have to be able to watch the action closely without making any trades, which is exactly what I will be doing the rest of today.
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..right, beyond and farther than that, even Fly sold his TLT, smelling something flying through the the air?
Interesting to see what the $AAPL reaction will be tonight and tomorrow re: the rest of the market.
Think it’s too late for COIN?Coinman doesn’t (see HF’s recent post) as he has a $2.50 target. FWIW.
Like your charts posts, and thinking. Thanks.
Thanks for reading. I think it is too late for a long swing in $COIN. If you want to day trade the momo that is fine, though. Then again, I play for the setup and early stages of the break out and sell into the huge momo.. So my style may be a bit more conservative than yours.