Quckly today, ETF’s only:
SPY – S&P 500 is at a test of top and we can always go both directions at such times. IF price pulls below yesterday’s low, we want to find a minor bounce to position a short below and get short and stay short ONLY if price moves solidly in our favour.
Tests are not always quick affairs – don’t be too surprised if what first starts out today as weakness reverses, grows strong, stays strong or reverses again by days and to weakness. The key at a potential test of top is to monitor closely…
DIA
QQQQ – Nasdaq has long been the weakest – ironically its trading higher than yesterday’s low but not on a percentage basis than ES.
I won’t be taking profits in my other holdings unless it becomes clear that a change of trend from up to down is underway and you can be sure we’ll publish a note on the web site if that is the case.
05.03.02 09:29 #