What to expect Monday. The only thing we know for sure is the market will open and we will trade as usual. Truthfully, these are the best markets we can hope for aside from the bear rally we enjoy. Yesterday's rally gave us nice pickings today as nobody really expected the rally to continue. We called it 'our remission rally' and my only problem was that I have not the former assurance of holding shorts for weekends like this. CIEN was milked and milked and we left it just a few puts after 2 short positions during 2 separate time frames. QLGC did exactly what was expected and JNPR was a 'gap and continued runaway move to the downside' before it once again triggered a second short at an attempt to recover. SEBL,BEAS some of our traders managed to trade on the long side but for the most part it was another 'regular trend down day' and it was 5 shorts in the morning and some reshorts again. I expect 'gaps and craps' more than 'gaps and snaps' next week and we will look to short rallies if the market internals suggest a slowing of upward momentum. If on the other hand we see some "LIFE" in our earnings plays (in other sectors as well) we will go long with them. Don't worry about minor errors in trading like covering shorts too quickly or letting reversals to the upside stop you out. At retracement areas, trendline breakouts there will always be new opportunities to TRADE IN THE DIRECTION OF THE DOMINANT TREND. The only danger is in swimming upstream when the currents are surging downstream, don't fight the trend and it will be fine. Also don't overtrade. When there was a doubt today on a number of occasions, once I ended up making the wrong decision, another time I could have entered and missed a profit but these were minor and always the lessons learned.
I'm not sure what will be in May, but after experiencing these last 4 weeks, and conquering them for the most part it should get easier from here.
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