I can’t say I’m surprised, but ANY little weakness in this market gets gobbled right up. Below is the NQ (it’s actually gone up MUCH higher than this represents).
The only thing keeping me from feeling like a total knob right now is that, when faced with the decision whether to short MORE this morning or COVER where appropriate, I did the latter (and, importantly, tightened up stops).
Even so, my intraday profit has plunged about 65%. I started the day with 43 shorts and went down to 30. I am about to increase it to 43 again, selling into this strength.
UPDATE – – this is exactly what I worried (and tweeted) about last night.
