This is my tenth post today, and as such, I'm sure you'll forgive me if I might make it my last post of the day.
The failure of the symmetrical triangle we've all been anticipating is complete. The fact that we're retracing higher actually makes it an even better trade.
Even more compelling to me is the NQ, which is a weaker pattern (that is, more prone to a fall). The supposition here is that there is an increasing chance for a true crash, and that once it is behind us, it will finally be time to buy.
Needless to say, the buying I did last Friday was largely a waste of time and money. Most of the positions have been stopped out at a loss, although at least those positions were deliberately made very small. You can see the "survivors" in my watch lists (although some of the "long" positions certainly aren't bullish, such as my substantial ultrashort holdings).
Although I own DUG (again), I remain a weak holder, because OIH has been beaten so mercilessly. All the same, as we know, what is lower can go lower. I am aghast at some of the charts I look at, because I know I was short some of these charts but covered the position many, many points ago. Finding stocks in a free-fall doesn't require looking at FNM and FRE. It seems to me that easily half the stocks I follow have had their own gigantic crashes already.
The best way to get a feel for my thinking and disposition is to examine my watch lists. They speak for themselves. As for me, I bid you farewell for now, and I'll be back either late tonight or in the wee hours of the morning. Continued good luck, fellow Slopers!
