As I mentioned on Saturday, my best guess for this week was a push higher today followed by a nice, hearty fall. The first tidbits of that projection have come into fruition already. I am typing this on Monday morning, 90 minutes before the opening bell, and the /ES is already up nearly 7 points.
This is exactly what I wanted to see. Why?
+ I am long large the IWM and QQQQ, which I intend to dump before today is over at a profit;
+ I am short (also large) the TLT, which I likewise intend to throw under the bus at a profit;
+ There are dozens of other short positions I want to add to my existing portion of 219 equity shorts, and I'd like to do so at good prices; a lift today will make that feasible.
So I intend to be a proud little bull today for a timespan measured in hours, at which time I will toss my horns off. I'm not sure how high the /ES will get, but I'd say no higher than the yellow zone I've tinted in, and perhaps even not as high as that.