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My last post ended with a few continuing short ideas despite the grind higher. When relative weakness is still abound while the market grinds higher then it tells me that when the broad market takes a breather (or even, God forbid, maintain a decent downtrend for more than a few hours), then these should continue their weakness. Perhaps they won’t drop in any dramatic fashion, but should all experience decent profitable pull backs.
Well, suffice it to say, the grind up continues and we are in bear hell. What has been clear to me is that this is a day trader’s market (for the most part). For swing traders and others, trying to stay in position in either direction won’t work (unless you are playing the really long game). It hadn’t really worked since October.
My September $260 puts in Burlington Coat Factory (BURL) are up 18%, but I’m hanging on for the long haul.
Back on April 1st, I declared that I had given up on MongoDB (MDB). I’d like to pretend this was an April Fool’s joke, but it wasn’t, and I knew in my heart that publishing such a thing would surely mark a top. It certainly did. The moment the market re-opened, MDB started slipping, and it hasn’t stopped.
