Take a look at the 15m $SPY chart below:
The market opened and rose up nicely and then had a waterfall price drop to show for the day. If you are not annoyed then I take my hat off for you. But my internal radar alerted me to move to cash; therefore, I spent all morning liquidating all my swing trades position and raised my cash to 50% as well. (I said ‘as well’ because I just read The Fly posted that he was also at 50% cash.) Thus, in a manner of speaking, I fired all my swing trade positions today. However, due to an incessant pleading from $DCTH, I hired it back for a temporary basis to see if it can prove itself to make me some dough.
Take a look at the daily chart below, if the bear has its way, price action may just as well drop below the GW1 support. Sometimes, it is better to be safe than sorry.
Be safe!
My 2 cents.
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