Good morning, everyone. This has been quite a week! Sadly, with earnings season behind us, I think it’s going to get more boring soon, but let’s enjoy the glow while we can.
Strategy (MSTR) is bouncing hard overnight, up about 17% from its low. You can already hear the high-fives and “We Are SO BACK” shrieks from the crypto crowd. I want to offer congrats once again to Xerxes for nailing this trade (I think he said in comments he was going to take final profits before the earnings call, which was perfect timing).
Of course, as the crypto guys say, “back the chart up some, bro“. As impressive as the 17% bounce is, it’s still just a band-aid in the grand scheme of things.
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I’ll pat myself on the back for covering some terrific short positions lately, but I confess I went into a few big ETF positions before the close yesterday that I’ll probably wind up covering at a loss and to trim risk. As always, I’m going to take things one chart, and one stop-loss order, at a time.
I hope you’ve had a good week yourselves, and I’ll be writing more soon.
