The market is reaching extreme levels, which gives me a long side bias. However, I won't take any full size positions until I see more weakness. We still have not reached the extremes of the July lows, and indicators like T2108 still need to drop a bit.
I also like the commodity sector. It held up well today, and could be carving out a bottom prior to the overall market.
I was stopped out of ARO and LOW for small losses today.
2 comments:
"More weakness?" We haven't seen two close down days like Monday and Wednesday in a long, long time. BeSpoke suggests it's since the 1987 Crash.
This feels way more extreme to me than July 15. VIX is higher too.
It's gonna bounce.
You would have got a good entry today if you bought on weakness. There is not need to buy strenght in this market.
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