Hey, at least I sold the long position from under $35. So I am not complaining. Frankly, I misread the chart, I had a minor retrench and another attempt at the $45 and eventually, a new high. I still think that is a possibility, as long as we do not break back under about $36. As a matter of fact, the low $36 is where I plan to double up on my current long position from $37.70 bought some time last week. There is a lot od stealth strength in this market. The Naz did not print yet another recovery high above 2500, but the BPCOMPQ has not been that high since late 2004, a very bullish signal. The SPX and NDX BP's do not look half bad either. I think we are not going to have, short term, any major retrench. Just a slowly inching up trading range, one step back, two forward. If we get extremes in the EPC, then I would start and worry. As a matter of fact, on 2/9 and 2/14, the ISE index hit 111, a very bullish reading, coinciding often with retrenchment bottoms (as opposed to bear market bottoms where reading under 100 are desired). We have not had excursions above 200, and the 10 DMA stands at 128, a very low reading. Under these circumstances, I am not inclined to do much swing shorting.
