S&P 500; Down But Not (yet) Out

As suspected, yesterday’s wonder rally was just such complete bullshit running on hype. I did not even think of covering shorts (including leveraged fund SPXS against the index shown below) as long as the spike did not take out 50 day moving averages.

Now if this pig will kindly break below the yellow highlight I will probably lean shorter by getting rid of some more longs and/or increasing shorts. Right now I am just doing the old boring balance thing (with a lot of cash) because the market remains in an uptrend until that June 3rd low is taken out with the trash, and kept out.

At the moment my thus far successful goal is to keep profits earned so far in 2019, and that includes management of the gold sector as well. While I’ve not shorted it, I’ve made sure to take enough profits on non-essentials and re-seed in technical pullback opportunities.

spx

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