Five up days so far. Impressive! I trimmed a few of my longs (never did I think I'd make 30% on the likes of Abercrombie and Fitch in a few days…………) and added a few shorts.
This upward movement is great for the bears. The VIX needs to go down; confidence and comfort need to go up. There are plenty of dynamite short opportunities that will be available to us.
The market is going to hit its first bit of struggle at around 905, which is getting very close.
I think it still has a good chance of bullying its way just north of 1,000 before we can get really aggressive on the short side. I am pretty much in a defensive mode right now, using longs as a way of cushioning my short positions, and updating my stops to be safe.
I am getting a little more squirellish at we inch higher, but I am doing a pretty good job keeping emotions out of the picture. I will get some serious "chart time" this weekend, now that Thanksgiving is behind us, and I'll have a better view into the near-term.
