Relax guys, HAL was only up 1 percent today. Considering what the market did, I’d say I still have a good chance of making some money on this short play. You can say “I told you so” if I exit with a loss. For those that missed it, here is my HAL short entry and analysis. My stop has not been hit yet.
I have not exited my gold short either, although I do admit I am a bit nervous. Again, I ask the bulls, where is the volume?
Lots of bulls out in full force today, but where is the money flow? Volume today was not the type you want to see for a trend reversal. Combine that with the fact that we are still trading within a range (1320-1400 on the S&P), and you’ve got a classic bear market rally. Fun to play for a quick trade, but don’t let it fool you.
I do wish I had placed more money in steel and some of the independent oil stocks. I got out of GTLS a little early. Should have taken partial profits.
My plan for now is to ignore the indexes and just trade good setups from both sides, long and short. There are some great long plays on pullback, and some equally fine short setups that just got better with this rally.