This week on the retrace I decided to take the loss on my shorts from lower, that hurt, my logic was that there seems to be some kind of irrational exuberance in the market and I started looking back to the charts on the days the nasduq went to dizzy initial heights, only to start going ballistic thereafter. There were all sorts of overbought signals and this should be falling soon,
I have decided personally that there may be some more exuberance to come and goodness only knows how this thing is going to behave.
I hate closing a losing position but hey ho, reversed long and have just closed those at this level 1800ish through limit orders, it seems to be creeping but this 1800 and this Dow level seems to be problematic.
Back to the drawing board on Monday – a weekend with no position…gosh its been a while.
exhausted.com