Not a chance dude. Flaw in your reasoning: Weak hands are still in this market. We have had no capitulation selling. bottoms are critically defined by the phenomenon of shifting equity from weak to strong hands. Without this step, the base of conviction is not built into future market reactions, and the possibility of another panic sell-off is always just around the corner. If the market shows a sign that it took the fed's actions as a scared fed, those weak hands will give us that capitulation tonight and tomorrow into noon. If the fed had a good reason and we here about LEH going under or something, then it will only get worse. And if it doesn't happen, I'll close out above 1320 ES...and be fine with that. The ratio on this setup is too good... already seen about 25+ pts and still have the pedal down
For what it's worth, if anyone else agreed with me and took the call... I'm looking for at least 1250 on the ES before I take anything off. (stops above 1310...will increase size on a bounce that pops through 1275) The dollar is going into a complete meltdown here. Gold is going to be through 1050 by breakfast. What a beautiful fucking sunday evening