Looking for a nice pullback starting this week: I would anticipate a nice 10% Correction from current levels. Of course, we could always have a higher high spike from here, but I believe the markets are overdue for a necessary correction. I am already short and will cover my position near the 3550 to 3600 Zone. Will re-evaluate at that point. I have IWM, SPX, and QQQ Puts in play. This is an overall hedge for my Long Portfolio.
Ultimately, I will be looking to buy the dip depending on the severity of the correction.
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Looking good so far... we had a nice spike up before the sharp price decline. Closing 20% of my short trade here at 2750 SPX... taking some profit so now I have a risk free trade. Still looking for that 10% correction to complete in a relatively short time... at which point I will be buying the dip.
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Closing an additional 20% of my open short trade here at 2700 SPX levels. Nice Trade! Still looking for the eventual decline to First Target area. A Biden Presidency will ultimately be bad for the USA Economy so we could be in for a really big drop down to 3200 SPX. But I will close my remaining short trades at the 3550 to 3600 SPX zone.