I’m still waiting for the Dow to break 8000 (DIA $80) and the QQQQs to bust over $31.80 before I believe in the long case. It seems that this would align with $SPX breaking the next resistance level at 850. I’m also waiting for the VIX to breakdown below 40.
I’m not going to embarrass myself by making a prediction. I’ll let the market tell me.
As I mention in my earlier post, I was traveling today. I did manage to get a few trades in at the end of the day.
- IYT got stopped out today at $49.
- Added a 2% short position in XLI as it approaches major resistance at $20.
- Added a small amount to my long position in VXX as the VIX approaches 40 again. My stop on VXX is just below $100.
- Trimmed some junk longs back to their original position size after the run up.
- For those curious, my portfolio barely moved today but it was a small loss for me.