I took the profit. Why not?
My apologies in advance about the featured image. This one popped out at me for some reason that I can’t quite put my finger on as I innocently searched for images of shorts.
Anyway, look at those shorts cover into the close. QQQ is one thing I bought on Friday for a would-be bounce. It’s filling a gap on the 10 minute chart, which does not exist on a daily.
The daily chart gap exists up around 230. I’d love to see this bounce make it that far, for multiple reasons, only one of which would be to realize such a profit on this trade (already nearly +7%). But it’s just a day. This market has a lot of work to do if it’s going to do anything other than take back half of the mini crash. ‘Where will the shorts re-load?’ is my question. The SMA 50 is not shown on this chart but it’s at 221. Makes me remember that selling is an option.
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