Follow Through Day For the Stock Market
All the shorts got squeezed including myself. I still have not received a signal to exit my SXE however my long VIX trade has not worked. One must be flexible and be willing to change directions without any opinions rather facts.
The Nasdaq on Wednesday, rose 1% in heavier volume. In order to be long you want to see this. The Nasdaq gained further ground above it’s 50dma and is now within one percent of it’s recent highs while the SPY got closer to this important moving average. Volume was higher across the board, showing that institutional players may be getting more interested in the market. To some degree this was a healthy correction for the market, however not deep what so ever. Bullishness diminished to some degree. The fact remains that this is one of longer bull markets and at some point they will end, albeit not quite yet. It is probably not a good idea to get to heavily invested to quickly and be prudent.