I made two trades this morning:
Long 500 shares of IHR at 10.11. The stock is holding up well above support at 10.
Short 300 shares of NUVO at an average price of $19.18.
I am also still short 500 shares of BOOM.
The fact that I went both short and long reflects my hesitance in predicting whether yesterday and this morning's weakness is a healthy pullback from a strong upmove or invalidates the move and resumes the downtrend. I firmly believe that we will soon enter a hellish bear market that will take out multiple supports and beat down inflexible bulls. There are just too many negative variables (seasonality, elections, economy, technicals) to expect the uptrend to continue. However, tops generally take time to form and wall street has a tendancy to chase once bulls show some strength, so we still could be in a short term uptrend. I'll wait for confirmation before making any big bets in either direction.