Normally the market would open up. Make a statement that it's strong and it's not coming down.
Today it was whipping around and the first move up seemed fragile. Though I didn't short. I felt uneasy holding long so I took my profit and went to cash.
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It’s amazing how I went long twice in the last 24hrs and made pretty good money, while the markets are dropping hard lol. I’m staying in cash now as you are, don’t trust a long right now, and too far oversold for a short. But this price action is epic to watch!!
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For someone who know VIX and SPX correlation still get caught in the market meltdown is very troubling, but that exactly happened to me, well all my gains from past two months gone.
Economy is healthy, low unemployment consumer confidence index up. Only wildcard I see is current occupant in the WH ability to restore market confidence. I am hoping market to reverse its direction or else we are in for a long bearish run. I hope I am wrong.