I have been taking profits on my longs but not today. Who knows, I might regret this, but I believe many shorts reentered on the lows of yesterday and are getting trapped.
I actually find it very hard to stay bullish. I am not sure how many people have this problem knowing that if you trend follow, you will never pick the top...I practically have to handcuff myself to follow my rules.
I bought back at the close. (QQQQ @ 39.35) Basically, I cut back my positons to 50% from the peak. I am levered. I have no idea where the S&P will go... But my system is purely technical.
Sitting tight today with my long cache...Good luck guys. Will exit everything eventually but at much higher levels.
My before mentioned fade campaign has begun, es,nq, financials, brokers, semis, homebuilders, etc. Shorting @ current prices. Stops will be placed 3-3 1/2 percent above. Using about 20-25 percent of equity to start, will fire out more next week.