I think we get another leg down after the unless Powell decides to announce another rate cut before the breaks. Drew it both ways for you guys.
Closed most of my long positions, only one short position. Leaving open the possibility that SPY might hit 294 before tanking, plus I'm thinking about going into the weekend all cash. Never know what's gonna happen during the weekend.
I think we'll get volatility next week, staying wit the plan to be mostly cash for the weekend. No point in chasing this rally, last time I checked, we still have a tariff coming.
The only thing is that it gapped down. and as I've said a million times, futures gaps must fill by absolute law. So more than likely the market gaps down tomorrow then goes up to fill he gap then probably back down. Get ready for a whipsaw day tomorrow.
For that matter, get ready for a whipsaw week next week because I expect a pennant to form.
Bearish but I'm gonna play it safe...
The big opportunities are when the market gets oversold anyways, that should happen again in 2 weeks or less. No long positions at all until then. Even cashed out the small positions I had.
I would suspect that both Asians and Euros will sell Sunday night, expecting a gap down on Monday.
As planned I am going into the weekend almost entirely in cash, kept UAA puts because they suck.