Reflecting on the past week of trading, the short side definitely got too crowded and days like Friday and today happen when there are too many shorts and nonbelievers. That is the one downside of my position, it is a bit crowded on the short side. Or more aptly, there are too many people waiting for the market to go lower to buy.
I got short around the close and will be holding this position for a swing trade. I don't think we'll go down much tomorrow, and it may even squeeze up a little higher. But I don't want to miss the next down move which I believe can start at anytime.
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6 comments:
If we break 1100 I think the mkt will likely try and gravitate towards 1125. Here's to hoping it won't happen like that.
Hope we see 1070 by Friday.
Dont you think it might be a tad to early to get short, dont you think a few more days to get overbought would provide enough time for all the noobs to get long and follow the herd. I know you switched to swing mode, i think that waiting might be the right idea for that strategy; cuz you really need to be right.
Less than 4 percent from the high now. I think we're no longer oversold.
Yea i see what you wanted to do, you wanted to be short the resistance point,right?
Better than shorting the support though
Partial fill long CBPO @ 7.61
OL DAWG
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