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Weak bounce today . . .


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#1 lawdog

lawdog

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Posted 01 December 2016 - 07:48 AM

Looking for a weak bounce today, and if this occurs, good chance for 15 to 20 points lower on spx on Friday-Monday. hoping the drop does not happen today, setting up for larger short position in the event of today's expected sucker's bounce; risk-reward on the long side is terrible right now. don't let strength today shake you out of your short position. the market has painted itself into a corner and the only way out is some additional consolidation/correction. stay tuned.



#2 lawdog

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Posted 01 December 2016 - 11:46 AM

three reasons i now hold a modest long QLD position: if a NAZ panic can't shake loose the spx, then for the short-term i feel the market is not ready to go into across-the-board decline; second, I like to fade a lower first trading day of the month; and . . . i can't think of the third.