We are very close to what I believe is the top of the range from 1891 to 1936. Since we have a strong gap up today, I don't expect a selloff today, but it should come either Tuesday or Wednesday. With what I see as very limited upside and lots of downside, the risk/reward favors shorting at these levels. But I will wait for a couple of hours after the opening bell, because of the possible gap and go scenario.
No rush to short today, probably short either late in the day or tomorrow morning.
Monday, August 11, 2014
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