We are basically at the highs of the day and I'm going to start a short position in the QQQQ here. Of all the shorts, other than one problem child I'm comfortable with them as they are decent shorts on decent setups. With volume lacking, with the market extended, with my short term oscillators saying we are going to have a difficult time pushing much further without a respite, I'm going to take this short as when the decline sets in I do not want to be tempted to just bail out of all these long positions I have but instead to add to them on weakness and use these shorts as profit material in that time frame.
The risk is, of course, that this market doesn't come in at all. I doubt that. It's a matter of when, not if. I am more short than long at this juncture.
The risk is, of course, that this market doesn't come in at all. I doubt that. It's a matter of when, not if. I am more short than long at this juncture.
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