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See, folks, this is why charts slathered with indicators and studies makes my stomach turn. I like SIMPLE charts. SIMPLE, SIMPLE, SIMPLE. I’m known for them. There’s nothing simpler than a single line. And, once again, it saves the day:
I dug deep earlier today and plunged for my inner bull. He found his way out by taking some profits on shorts and – gasp – going long TSLA. I made a quick eight hundred bucks on TSLA and said “no mas”, because the /RTY futures were approaching what I consider a moderately-important resistance level, so I’m pure bear again. To be clear, I’ve got 25.3% cash (!!!) but my hands are not holding anything long anymore.
That didn’t sound quite right.
I am doing a little trimming here and there this morning. My cash is up to 17.7%. An example of what I’ve taken profits on is Abercrombie & Fitch (symbol ANF) on which I own August 19th $40 puts, which are up 77% from my purchase. I have sold 40% of the position based on this midline touch, but I’m sticking with the rest.
WOW. The degree of “chart-friendliness” in the market is so refreshing (even if it is bullish). I was watching the /RTY crumble away, and the moment it hit one of my lines it went ROARING HIGHER:
This bear market rallies are a misery, aren’t they? I’m staying on the sidelines still. I will note, however, we’re getting at least within the same ZIP code as some major resistance areas:
