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This mornings short setup was good, noon short setup off new highs barely dipped, and the recent one volatility contracted like ridiculous...
Market has started to demonstrate non RORO behaviors today with index correlation heading downward.
Decent day, but should have went back to sleep after noon...
While the plan to short resistance setups at new highs on Thursday worked out fine, it didn't perform nearly as well as expected. Looks like I am a little hasty on joining the bear team.
Can you help answer these questions from other members on NexusFi?
Ok, things are looking great for shorting resistance tomorrow provided we gap up or get a morning rally after the jobs report. One of the setups should really collapse and stick.
As for the estimated prices I would like to short... Near 2050 on the cash.
If we get a drop, just going to have to wait for us to head back to the highs again next week to short again.
You may have noticed my only plan this week has been to just fade resistance, fade fade fade!
It's not really as "counter-trend" as you think it is. We have risen twelve points over the last five days. Resistance has been moving up an average of 2.5 points per day. There is plenty good risk/reward for shorting if you position high enough.
Next week, the plan is the same... Fade after new highs near at resistance... Next week we are projected to fully lose all momentum effects. The only way the market will be able to punch into the highs will be news catalysts or after 2-3 day dips.
No disrespect intended, but we're in the midst of a ~180 point rally off the most recent swing low. Seems pretty counter-trend to me. You've been bearish this market awhile now... How deep could your pockets possibly be?!