Actually I decided to take my 25% profit @ FAZ today. While the getting is good. I'm that confident that I feel 1880 will not be broken in a strong way. Broke my trade plan to hold till 1st resistance was broken @ 1850 on a reversal.
NOT THE BEST WAY FOR A RULES BASED TRADER TO START A NEW YEAE. (Break a rule) BUT HEY, IT'S MONEY IN THE BANK AND THAT'S GOOD. So I guess it balances.
Today's gap open should get filled. Probably quickly before any real S%P reversal. But it's going to reverse this week sometime. The volume has been relatively steady since the 5 day dive, the first of the new year, to the 8th, and my short term TA indicators are closing on positive from negative. If the market was going to continue south, the down side volumes would reflect large increases. Another thing that adds to my confidence is the price cross of the 6% & 8% SMA lines.
At any rate closing my FAZ hold from $42 has been berry berry good to me. LOL A great start at reaching my 2016 trading business plan. Had 50% of my portfolio in FAZ.
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