The price aspect of the correction has been achieved and I began to unwind my hedge position
today.
Aggressive traders are sitting on some nice profits from the intra day buy signal today and I really thing tomorrow should bring the same.
I am going to try and time the lifting of my entire hedge position to coincide with the high probability test of the most recent lows. While I do not expect the test to make it all the way back down I really do not see a V bottom and actually a longer bottom would be more healthy.
The most worrisome aspect of this decline to me was the reluctance of bullish sentiment to deteriorate. This fact was really starting to worry me as it was showing that many were simply taking the decline in stride.
The sentiment this week however finally took its dive and now sits at its lowest bullish sentiment level since 2003! This hurdle has been cleared.
No comments:
Post a Comment