I will not be allocating capital or moving positions around to prepare for any bounce that may materialize over the next few days. As I said in my last post, I already did that yesterday, and will not see myself realize a 10% loss trying to chase this market 3% at a time.
However, it is worth noting that all the stars are aligning. We have permeating strength in the euro (even after the latest round of uncertainty concerning a Greek bailout), treasuries are crashing here, crude oil is ramping up and tech of all things is leading.
Remember to be patient and not overexert yourself with regards to picking one direction or another. The main market direction continues to be down. You should be partial to that outcome, but definitely expect a massive run higher here.
Myself, I will be looking to further short MGM and UCO. There’s no need to even think about buying my other stocks in any size, if we are to get a bounce here.
Happy hunting, followers of the 9th floor. I’ll meet you at the top.
If you enjoy the content at iBankCoin, please follow us on Twitter
