A choppy day once again.
I booked a lot of gains today and let a few small losers go as well.
I am only about 10% into this market now since we are ready to roll over now.
No need to risk giving gains back since they can disappear very quickly when things turn lower, and I really think they will right away now.
I’ll be mostly cash and short a few for a week or so until I see signs of a low in place and then I can be re-buying those stocks who’ve held up and done so well for us recently.
The SPDR S&P 500 (ARCA:SPY) looks ready to roll over now and that is why I sold most things today.
A break of the 196 area is an area I may short but there are a few fast moving stocks who also look ready to roll over now and I’ll show them later.
I’m not sure how long or how deep this move down will take but 194 or so remains in my thoughts as at least a first step.
Have a nice night and don't be shy to reduce or sell stocks if you see weakness.
You can always buy them back.