Marc, I was probably the first bull out there. I gave the "rally" every chance possible. At this point it could still happen. We are literally one big up day away from a breakout. we have been in this position so many times i lost count. My new position is much more neutral even borderline bearish. Being teased over and over by fakeout breakouts will do that to a guy.
I have an idea of what would be bullish and bearish. Should we cross the bull line i will be ready to sell the calls i do have the instant something doesn't look right. If we do breakout there will be time to play that move. I am suspicious of any and all rallies until proven wrong. I will play the market long and short but reduce my expected gains as we dont seem to travel too far in one direction any more.
A real breakout will be unmistakeable not this drifting upward three days for 30 spx points. it will be 20-25 pt day and 15 of it will happen in first half hour or so. Only then will i take a finger off the sell button. Of course i am assuming we go up manana. My plan of selling hte spx mutual fund today was to enable me to have the funds to get short via the -2x ndx fund on trs. I would like to end green. who knows if we do or not.
I know what you are going thru as i have been thru about 3 weeks of it. Like i said last week. It is time for the market to prove it is going up. I cant wish it anywhere. It doesn't seem in a hurry to go down either and my trading range prediction of a month or so ago may just pan out where the spx stays in between 796-910 for next 5 or so months.
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