Today was a victory for the sellers.
Directional gaps into Monday are often a caution flag. Last week buyers defended and progressed higher off the gap, but last week was holiday shortened and option expiration. This week, the pajama guys have a full work week ahead of them.
Sellers entered the fray after a bit of morning fanfare but the tape was slow–precarious conditions for the short seller. Nevertheless, the afternoon rip was faded.
Breadth was decent for a Monday, Tuesday could see another push from the bull camp, but sellers are showing up right where we expected to see them per the Exodus Strategy Session. These are ideal price levels for initiating weekly shorts according to my data.
The ‘sell the rip’ game plan calls for raising cash and initiating some shorts tomorrow morning. If sellers reemerge with speed, I will also be aggressively pressing intra-day shorts. TBD
It will be interesting to see what J-Mack and J-Kohl say at this week’s Investor Bootcamp. I am ready to raise some cash in my investment portfolio, but perhaps they can offer insight into why I should hold out. You can still sign up. Live attendance is at 7pm eastern each day this week and all sessions will be recorded. Bonus! Yours truly is presenting on Friday.
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every day is raising cash, son.
oooOOOOoooOoOOO
sold the rip this morn, knew id be late – should have yesterday – but hey , sold the rip.