There was no long term signal on the close yesterday to sell. I have only sold on a short term swing.
the "engineers" know this, the gaming of most markets through interlinked algo's is at work. The market structure has changed, and its in the best interest of the trader's to figure out what the engineers are tasked to do. Deutsche Bank and other banks admitted to rigging the metals market. And other markets have been implicated also. Plus a no name trader out of the basement using algo's is being prosecuted for "flash crashing" the market. So the main thing is to figure out the agenda. The very very long term agenda is that the country can't sustain its expenditures without further debt and more debt. And in order to service the debt, interest rates have to be cajoled lower and lower over multi year time spans. The best way to do this is to hit different asset classes so that money is funneled into government debt. The same algo's at work tasked to keep the market up will hit the market to bring interest rates down. There were three emergency FED meetings, and a meeting with the Pres/Vice Pres this week. Protecting the establishment would force the algo's to prop markets up.
Ya high volatility makes for preferred trading, but we can only take what the market gives. I'm fine shorting but when support is broken and you can see for yourself there is nothing but air, the whole calling tops because of "lines" or "divergences" is not my cup of tea. It is for some, but not for me, I dont need to short the highs to make money, Im fine shorting low, all in all, the too high too low is just a psychological impediment. EDITED
Because of personal biases... when its hard to get long, best to short at fib extensions at new higher prices.
I respect your trading (saw the great trade in the chat room a few weeks back)...I believe that some of the conflict on this thread has alot to do with varying time frames. I also have curbed my appetite for shorting into highs with this notion that a "two way" market exists (like when I started trading)...but at the same time I recognize that there have been periods of market history not unlike the present and these one way moves in both directions have occurred in the past...Your approach to staying on the right side of the present move is the most sensible...