I have no idea where to begin. My thoughts are all over the place. Not unlike the market the last few days. At the moment, I would call the trend neutral with bulls and bears fighting it out for domination. I think the advantage is to the bears? Maybe? Friday I assumed the sell off would continue, but that did not happen. It opened down and looked like it would continue what started on Thursday. Instead, 10 minutes after it opened, the market stabilized itself and rallied over the next several hours. Then closed even for the day.
Premarket is up a healthy amount, so I expect the rally to continue on Monday. However, nothing can be taken for granted in this market.
The S&P 500 has broken its range and is trying like hell to fight back. No idea if it will. Seasonally, this is generally a good time of year for the market. What I am still the most worried about is the 52 week highs getting bullied by the 52 week lows. That is a sure fire indicator of being close to a market top.
Best to keep my money on the sidelines for now. I do have a couple long trades, but most of my cash is on the sidelines. The shorting method I have been testing has been incredibly mixed the last couple weeks. I am now making tweaks to the whole idea and have, what I think, is a better method to try. I suspect it won’t be long until I know for sure.
