Since I started this blog on April 26, the markets kept on climbing, the SP500 opened on Monday April 27 at 862.82 and closed last Friday at 921.23 for a 6.8% gain in the period, the Dow Industrial went from 8039.88 to 8539.73 resulting in a 6.13% gain, and the Nasdaq Composite started the period at 1671.21 and last Friday closed at 1827.47 for a 9.4% appreciation in less than 2 months.
Obviously my bearish stance has proved wrong until now, well I still have an overbought reading of the markets the only problem with that is nobody knows when this condition will end and the markets start to correct. That is why I made my three long orders which until now have not executed.
I believe right now is not the time to go long fully, maybe going short isn’t the answer either but I am keeping my bearish trades open.
I am changing my May 17 order to sell short XLI.
The new order:
Sell short 150 XLI 21 stop 20.87 limit GTC
Trade safe and remember your Gerald Appel.
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