Don't Fight the Tape

Well, my short position that I posted about was taken out when the resistance did not hold..this market is on a roll.  6 straight days of higher highs and higher lows.  Lots of traders got excited about the "Death Cross" and as it turns out, that was the point right after the short term lows that we have yet to see again.  What's the point?  The point is that if CNBC is talking about a major technical point, like the Death Cross, use caution. 

 Now I was short like lots of others, but not because of the Death Cross..I was short because my system was calling for shorting the market.  Now I'm out because the market is on a bull run and staying short through this action is merely fighting the tape..good luck with that.  What will be interesting is to see if we're still in a range bound market (likely) or if prices will continue to climb the wall of worry (2009 style).

I'll be traveling for the rest of the week and will return home next Monday.  Posting will resume then. 

Have a great week.


TLT