S&P 500: "Catch a wave and ...
... you're sitting on top of the world"
- Beach Boys, 1963
As per our note yesterday, a 50% short/hedge was elected yesterday for an average entry of 3261.66.
Lower the stop to a close above 3265.00 for now.
We'll look to add to our position on any rally now that fails to take out yesterday's high (3264.74).
We were stopped out of our previous 50% short/hedge position from 3180.70 (25%) and 3240.65 (25%) for an effective
0.65% loss, bringing our total loss on our short/hedge positions taken to date to ~ 1.01%.
The trading action so far today has some of the earmarks of the start (i.e., 1st subdivision of 5)
of a minor 3rd wave down in a larger 1st wave down. Time will tell of course but we expect some volatility tomorrow
as some major tech earnings are released.
- Beach Boys, 1963
As per our note yesterday, a 50% short/hedge was elected yesterday for an average entry of 3261.66.
Lower the stop to a close above 3265.00 for now.
We'll look to add to our position on any rally now that fails to take out yesterday's high (3264.74).
We were stopped out of our previous 50% short/hedge position from 3180.70 (25%) and 3240.65 (25%) for an effective
0.65% loss, bringing our total loss on our short/hedge positions taken to date to ~ 1.01%.
The trading action so far today has some of the earmarks of the start (i.e., 1st subdivision of 5)
of a minor 3rd wave down in a larger 1st wave down. Time will tell of course but we expect some volatility tomorrow
as some major tech earnings are released.
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