Once again, just saying it as it is, this week has gone exactly according to the script laid out. I gave the exact buy levels for the DIA ETF and several stocks to buy last Friday. The market gapped up Monday and has put up three strong days this week. I did exit my longs early in retrospect, but wins are wins. I actually did not expect the extent of the V bottom we put in this week, thinking it would be a little more jagged than it turned out.
After 3 strong up days, I have no interest in fresh longs right here. I do not think the market is going to take out Monday low this week, but I think it is possible we can slide back into Tuesday’s range. If the latter were to happen I could be interested in re-establishing some long positions at that point. Need just a bit of consolidation before jumping back in. Short is wrong though, in my view.