Well, now we wait. Tuesday was Day 1 of the attempted rally. I'm not going long anything until we get a confirmation day--no matter how juicy things look or if one of my former stocks goes higher than what I bought it at. If I am missing any upside, which will probably be minimal, it's insurance against that stock turning around on a dime in this market. For example, I've been tempted to buy ICE the last few days with all it's upswings, but today it broke down hard.
However, I did go short a small position of SPY yesterday afternoon at 139.51 My stop is 143 because I was willing to risk 3% and that is right above the 50dma, which might now be a resistance level. I will consider shorting some more if it hits 135.
I've also been reading O'Neil's short selling book. I tried to look for a few candidates last night, but didn't see any. I think that's the hard part of his methodology.
I am also considering adding some GLD to my long-term portfolio after this pullback.
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