portfolio quite a bit and even opened a few small short positions. I
still have QLD and am leaving with a stop of 88.25, according to my
plan. I was 95% long last week after the follow through on Monday, but
decided to trim after IBD called the rally dead on Friday.
So, I used today's positive open to sell into strength, getting out of
many of my positions right at or around breakeven. Many were near the
high for the day, it turns out. For example, I sold ILF at 207.50 for
breakeven and it closed at 203.40
I do think this is a correction (5-10% down), rather than a bear market
(20%+ down), but I also realize that what I think the market might do is
irrelevant.
As the day went on, the market couldn't hold the strong open, even with
the liquidity boosts. I shorted a few stocks at the end of the day:
ZLC had an evening star formation.
RT Also did an evening star right on the 50d last week, a shooting star
yesterday, and today a bearish engulfing pattern.
EBAY had stalled. I used to be long this, but went short at 35.51 with
a stop of today's open of 36.20.
These will be short term swing trades with stops equal to today's
opening prices.
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