Conditions this morning were perfect for a Morrie’s wig shop short squeeze. Profile alignments are not always so ideal, but when they are you must be ready to strike with conviction and vigor. Now that it is the afternoon we can see that tape speed has been reasonable. This bodes well for the bull camp. Considering the horror this week has already presented, I would be remiss to turn off the fasten seatbelt. If I did passengers would freely roam the cocked pit, purposely touching their bums to others crotches and such. These conditions are more, “Stay in your seat, but go ahead and fill your Bloody Mary to the brim.”
Most of you are in a pickle—a middle seat of sorts. Take the Tesla haters, they are doomed and can resume living in a cave, staring at shadows on the wall. But really it is anyone who lacked the intestinal fortitude to buy a crashing market.
You are now presented with 3 options and they all stink. You can short the rally, sit elbow deep on your hands, or buy atop 5-sometimes-10 percent moves.
I am in no such predicament. Mine is a bit more complicated, yes, but long only, cash low, and eyeballing certain exit strategies, slowly.
I HAVE MADE NO CHANGES TO MY BOOK TODAY.
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time to short the market here?
one of my old short sigs hit at 1:50pm, but I have a long bias, plus I flipped the way I trade it and only use it to scalp out a long.
it’s a symmetrical trade based on 3rd sigma NAS 100 ticks
Sold those unfortunate IWM weeklies I picked up last Friday for the loss today…but not a zero. It is what it is…
Welp all in all a constructive day for the bulls. Didn’t test ONL but did run at the top of yesterdays range. Looks like the Q’s are gonna test the meat of its YTD trading range in the next day or two. Time will tell but so far this correction has a much more V shaped feel to it than what we traded through in August – October 2011.
Not sure what trumps – Plato or the Morrie’s reference. Probably Morrie’s. He deserved better than what he got.