Bears Are Slaying Price Action

Of course there should be about 15 more dead cat bounce attempts between now and the close, but I have to say, I am pleasantly surprised that the bears have the price action down below 2039. That is where it should be, but my expectations were diminishing rapidly over the past week for that ever coming to actual fruition. 

Now is the market selling off bad for me? 

NOPE!

In fact couldn’t be better. I did cover my short yesterday in Alphabet, aka the company formerly known as Google (GOOGL) for a smidge of a profit (+1%) as a precaution because the bears simply could not break that neckline. However, I added another short position at the open today, and still have Oracle (ORCL) and Mastercard (MA) both of which are performing beautifully, and then the grand prize of them all, my long position in SPXU (3x bear ETF of the S&P 500).

As always with my shorts, I firmly believe in the age of quantitative easing, headline hijacking and central banking, that you take profits aggressively. For me that is in the 4-7% range, sometimes even sooner.

Remember the S&P 500 has been down three straight weeks and now working on a fourth straight week. A rarity really since the market bottomed back in 2009. So at some point it needs to probably shake the bears lose, rattle their cages and try to bounce this market. That is why today, I’d like to see the bulls get flushed out to make the decision of holding/covering of some of my positions easy for me.

Until then…