The bounce is in full force today and I'm using the strength to setup swing positions shorts. I've added a couple in the indexes (DIA and just now the IWM) and am looking to scale into short positions over the next few days. In keeping with the running thesis now, we are likely witnessing a bounce, the building of a bearish wedge. That may play out another 10 to 12 points higher on the SPX or it may have already ran towards it's highs 1198 to 1200. Since we don't know, I start scaling in and build to the position on additional strength. It doesn't make sense that today is the only day for a bounce, but that was a wicked fall last week that did significant technical damage to the intermediate term bullish case and thus I'll start the shorts on the strength I'm seeing.
At the same time, intraday, today was the day to try and make the long plays. If you haven't done so already, then it's likely not a good risk/reward play anymore.
At the same time, intraday, today was the day to try and make the long plays. If you haven't done so already, then it's likely not a good risk/reward play anymore.
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