Okay...That's enough. I think the market is topping here for a bit and needs a rest. We just jetted out of the mire that was a couple of weeks ago and we need to start that stair step action that got us up the number all last year. Our tell, the ten year is playing out correctly for us, but I think that this is where I get off watching the 10 year as a tell to the overall market. Feels like the fear trade has unwound enough to create momentum and it is no longer needed. Look for the 10 year to keep going though. We are hopefully, gleefully on our way to 5.
I took a short on the QQQ this afternoon and will continue doing this until we get a small correction. I anticipate that we will see some shake-outs near term and starting to build a short position here doesn't look too dangerous. For maybe 2.5 to 3 percent. Also bailed out of BP today after getting a 10% gain in a week on it. I actually bought it for the dividend, but given that, how can you ignore 10%? I feel a bit bad about it.....Mostly since I feel unfulfilled when I don't work a position to it's limits. But you gotta stay true to your own trading rules.
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