I had a target of 7.50 for UVXY (not posted) and then intentions to renew shorts. I initiated shorts in SPY before UVXY target was reached, but did not add today.
The last 3 narrow range days in a row may be due to the fact that the SPY has reached the historical top of seven months ago. It has the feel of tremendous distribution taking place.
Can renew it's rally to new highs once this is over, of course. But as I said previously, in Chinese astrology this would be unlikely (could happen, though!). This is a double earth year and earth can be considered the container of fire - the stock market - or even, the grave of fire.
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