What are your plans now? Are you going to get in at all time highs and hope the rally continues? Are you going to wait for a pullback? Are you going to short the current market that's close to all time highs? You have a different plan or strategy?
For now, go a little more short, as I have already done. I wouldn't be surprised if we see a range forming in the next couple of weeks.
Long term investors have to answer those questions. As a day trader, you don't bother about those questions. Because there are opportunities every trading day.
Not me, I went long in early April but maybe for the wrong reasons but who cares, I was on the right side. I didn't do great but I at least beat the SnP https://www.elitetrader.com/et/threads/vaccine-progress.343314/ Now you can see I am sitting 80% on cash, one of the advantages not having to manage other people's money anymore; no pressure at all, just waiting to btfd again will probably allocate into other strategies
It's irrelevant whether you caught or missed the rally when planning your next moves. You are long, short or flat from the last tick. Personally, in my long term accounts I'm fully long (unlevered). I don't see how any other position is possible with naz breaking out to ATHs, the market shrugging off every bad news imaginable from economic collapse to mass riots, every Wall Street analyst and commentator either calling for a pullback or scrambling to follow the market up with their price targets. I'll become bearish when somebody explains why allocators with 20-40 year horizons are going to dump Powell Put-supported stock indices in favor of negative real FI yields. Of course I could be wrong or some random shock event could cause the market to tank, but that's why they call it risk-taking.
Buy oil futures and maybe travel related stock calls that are 6-12 months out on dips next few months.
Not sure if you actually read my post or don't know what dip means. Will I buy wti at ~$35 with the prospect of potentially selling it $45-$50 the same year then yes... If it takes longer I don't care. Sorry if 20-40% returns aren't good enough for you.
You better have a huge bank account if you intend to trade CL futures long with naked directional risk that far out (by EOY) .