Good luck Noddyboy ! Except the 4000Spy I kept all my positions open (and added some more in Europe ) but am not quite as confident as you ! It's been a bad week, with a couple of non US stocks I own taking a beating. QQQ has been weaker than Spy as well Now in Geneva relaxing with Missus and the kids for the week end, enjoying a great lake view from the hotel room balcony and hoping for a decent rally next week ! But holding a couple of dangerously volatile positions :eek:
3x levered long working out very well. The fact that no one is really interested means that we will have a quiet up market for the summer.
Well I admire your courage (or stupidity, there is a fine line you know). Long and strong myself. If the US doesn't fade this last move up, Europe will gap up above a high-volume area (a high volume area is just what it says, a price area where a high amount of volume was transacted relative to the rest of the day, I think Market Profile calls it the value area or something) which tend to be reasonably reliable longer term bottoms and tops if price escapes. So far it looks like we're having a pretty strong reversal so if it closes above the open and then preferably around the DH I think we can call it a day for this bear grind. I have to say I was a little surprised at the price action in Europe today though. Looked like June 1st on the S&P500. I am getting slightly nervous only because today seems to be a deflation-trade day and maybe not a fear trade, given the fact that absolutely nothing is going up except cash and bonds. I'm not really totally against the idea of pretty massive deflation in the not too distant future so if the market is going to chase that idea it may have legs (to the downside that is). Then again, deflationary pressures may actually be bullish for stocks too because large caps have pretty good cash levels and because I don't buy the whole argument that deflation automatically leads to lower real GDP (see Japan). Anyway, my â¬0.02.