"The rich get richer. That's the law of the land." – Ed Moss – Glengarry Glen Ross
The Dow is lurching toward 11,000 while bears are getting burned, tarred, feathered, and maimed across the globe. Actually, I'm not sure if the quantity of bears on the globe merits the use of the plural anymore.
Ever since the gruesome first week of March, I've been in defensive/hunker-down/survive-at-all-costs mode. I've managed to use the double-bullish instrument SSO today with good results, although I finally cried "Uncle" on my IWM short, since there isn't any clearly-defined stop-loss point anymore that isn't light years away.
I will say, regarding the Russell, that it seems to be within a hair's breadth of touching its broken trendline. That line, fractured on January 22nd, is an important one. Given the almost vertical rise since February 5th (which is a date I will never forget in my lifetime……..), who is to say whether it will hold or not.
