I Hate Planting My Flag In The Sand
I hate planting my flag in the sand like this when its wrong. So far the NDX is up a whopping 1% from last Friday which is where I started laying into this short move. My options are a different story. Major decay going on there. I did add to my QID calls this morning as well as buying An AIG put. I used leftover cash so the position was nothing great and the profits are nothing great, but that put is up 29%.
The condition of the market is severely overbought here. Here is an example of a pattern that happened today that has happened often in the past.
Condition: Market overbought prior to the gapped up candlestick. Then the next day we get an unfilled gapped up trading day. The charts below show this situation. I stopped collecting screenshots, but this could go on. These aren’t just any old gapped up days, they are the gap up into the market condition.
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