Hey all, I closed out of virtually every short in both the accounts I trade on. There is an extremely high likelihood of a bounce, and likely a sharp one in the coming days. This does not mean we cannot go lower first- heck, I closed out of a lot of shorts yesterday as well, but now that we're even more extended, I'm even more so confident that it's a solid time to close shorts, and look for re-entry. That being said, if you are not short yet, do not capitulate and short here. Things do NOT go down in straight lines; wait for a bounce. In a perfect world, we reach $SPY levels of 390, and that would make a perfect shorting opportunity, in my opinion.
I made a post predicting a move alike the one drawn out yesterday, I still believe it is an incredibly likely scenario. Even if it doesn't play out as I hope/expect, I still expect a bounce in the near future, and for that bounce to present solid re-entries short.
I made a post predicting a move alike the one drawn out yesterday, I still believe it is an incredibly likely scenario. Even if it doesn't play out as I hope/expect, I still expect a bounce in the near future, and for that bounce to present solid re-entries short.