I had left a sell order overnight. The rally to new highs is weak and this bull leg should be over.
The market has already surged and settled above the 2007 high so the risk is minimal. I will hold on to this position even if the market does not sell off right away.
April 13 - Update: Everybody seems to be expecting a correction (see here and here). So, I think the market is close to a top but may reach 1600 on the S&P500 first. I will hold my position even if this happens, as I think the correction will reach at least the 1500 level.
1 comment:
Adi, I totally agree what your view on current market. The Bear bus is full, so market makers will squeeze the shorts to the new high before they dump.
Tony
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