A Gentle Reminder: Sell The Rip

In my post on November 13th, Time to Sell the Rips, I wrote the following:

I expect the first $SPY rally to run to around $141 to $142. I would not be surprised to see it run all the way back to the 50 day average before reversing. But it will reverse.

Friday’s low-volume holiday trading session saw $SPY close at $141.35 . As per the plan, this rip is to be sold.

Once I’ve seen the pullback, I’ll be better able to make some guesses about whether we’ve seen the bottom or whether there is more pain to come.