The recent outperformance of HYG (and the crude oil rally) have boosted the stock market but I still think it's possible to see another sharp decline.
The market is under Mario Draghi's and China's sweet talk influence right now, as I see it.
I'm out of equity longs for the time being, and positioned in a more risk averse manner.
I still think the bottom is near, and won't hesitate in going long certain equities once I see a valid setup, as we have been doing with my group for a while.
I'd reccomend taking partial profits and moving stop to entry price.
Move stops to protect profits: 126.67
Add to winner as follows, long 1/2 at:
127.85 and 127.26
Keep main position until we hit the target above.