I was wrong when I said on Friday “Meme Monday” would resume on Monday, but right in a general sense. Secular or defensive stocks are down today while high beta or risky stocks are up 2%. The overall tenor of the market is favoring small caps. Couple with with a very strong showing in the semis and it would behoove you if you decided to sell short into the close.
The idea of the market trading higher is mostly hated by market purists, who largely believe the overall system is rigged. But that isn’t your job, to get mad and draw from emotional angst. I am the last person to lecture about emotional angst, especially when considering my X feed. But when it comes to trading, I am disciplined. I wasn’t always this way, but was taught by the market to obey or forfeit my money.
That is the great thing about the market, similar to engineering. You might not like it, but you must accept the rules and how things are, otherwise enjoy failing.
In recent hours, markets have tempered their returns and have traded sideways. I am now positioned 95% long and might tweak a few things for tomorrow’s open. Barring some sort of news event, I see no reason not to be fully long here.
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