I did little myself today other than selling my position in facebook. I’m currently about 30% long with no hedges in place. However, if the bulls fail to show up tomorrow, I will likely move to cash ahead of the weekend.
We finally got a little divergence from the Russell today, as it failed to make new lows with the rest of the market. The /NQ, Nasdaq, broke the trendline we were watching, but quickly recovered. I’m thinking things are setup in favor of the bulls tomorrow.
Here an updated 30 minute chart of the /NQ, the bulls need to hold these levels:
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Here are today’s winners:
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And, here are today’s top industries:
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