No Iranian Strike Bounce

This morning’s bounce is brought to you by Iranian generals who decided not to attack Israel. The result: lower gold/silver and oil/higher stocks.

However wonderful it might look, I’m hesitant to jump into the fray before 12pm. Lots of reversals occur in the morning, especially when lots of traders needed this respite to avoid blowing out. I would expect profit takers to overpower zealots in the morning. It’s very possible this bounce will continue and perhaps produce 3-5% upside. But I want to wait in some old man stocks and cash for a few hours.

I closed out my leveraged plays and my $SQQQ hedge and although tempted to long heavily — I am waiting a few hours.