We gapped up to the old highs this morning based on a better than expected GDP report. I don’t trust these type of gaps after we’ve already had a strong move. They smack of exhaustion to me. Yeah, I know the news is good, but my warning flags are raised, as are my stops. Let’s see if we can take out the intraday high by 10:30.
I agree with you but I capitulated on my shorts yesterday! I haven’t gone long, but with month-end, seasonal patterns, GDP… Too many balls in the air to get caught leaning against the trend. Of course, I’m prolly wrong…