Monday was relentless. Right from the opening tick there was nothing but buyers on the tape. This is perfect for me. I took profits on 3 of my 4 short positions last week and my remaining short is Cisco is pennies higher then my short level. The market doesn’t pay out on “market forecasts” it pays out on correct positions. I am in a good spot here. If we roll over again, I am collecting my crew of short candidates.

If we put in some sort of bottom, then I go back to patience. No one can trade every squiggle. We have to wait for the squiggles that look like good solid set ups and trade those. Sure the market provides some sort of opportunity everyday, but honestly I am trying to trade .001% of those. For 99% of traders, myself included, my number of trades is inversely proportional to my $P/L. So I will wade back into the market with a position only when something solid presents. It could be long side, but still leaning a little more to the short side, but not committing any $ to my fragile view. 

Thanks,

Joe