Happy April Fool’s Day, and welcome to a new quarter of trading. This will be a quick comment cleaner, as I’m already loaded with 50 short positions.
The double top on the ES I pointed out yesterday worked like a charm. I had been targeting, as you know, 2700 for the bounce, but maybe 2635 will be enough after all. The horizontal where we are banging around now represents some measure of support, so I’m definitely not entering any new shorts here. Not until the smoke clears some more. Indeed, I covered my one big position, HYG, for a nice profit, and I’m slowly plodding through all my positions to tighten up the stops.
If the NQ can find its way past 8000, it will spring to life. If it doesn’t, however, the bear market is just going to grind on. That is a vitally important level.
Gold continued to get whacked. However, I have decided to switch gears. I am no longer bearish miners. I was watching for GLD to get to its price gap at 146.93, and it’s close enough for me. I am starting to go long GLD with a starter position.