One of the things I've seen in momentum moves and we see playing out here again today is that the dip buyers are one resilient group. They don't care that we had a gap opening that filled and has potentially setup a larger sell/consolidation signal so far today. They are more interested in buying. Of course, I think they are wrong which is why I lightened up quite a bit today and have been shorting each of these stair step intraday climbs.
I came into the day thinking that we could get a nice move through Thanksgiving week and that may still occur, but I'm less inclined to think so given the way the charts are setting up today. As a result, I've moved much more to the protect mode than the all out attack on the long side. Could be just me, but after some big gains and will a intraday reversal, I believe it's only prudent to protect at this point. We can always buy more. Sometimes it's hard to sell though without taking a beating.
I came into the day thinking that we could get a nice move through Thanksgiving week and that may still occur, but I'm less inclined to think so given the way the charts are setting up today. As a result, I've moved much more to the protect mode than the all out attack on the long side. Could be just me, but after some big gains and will a intraday reversal, I believe it's only prudent to protect at this point. We can always buy more. Sometimes it's hard to sell though without taking a beating.
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