wacky wednesday, page-61

paddington bear

the spx on monday night had all the makings of a pullback. rsi hit the highest level reached of any rally since the downtrend began, the stoch was overbought, price hit the top of the bollinger bands and then retraced and my moving averges on the one hour and daily indicated price had over-extended.

that is why i closed out my long positions on tuesday. in hindsight, yesterday would have been a better day - but i'm not into pushing my luck.

i am cautious about holding short positions now on the spx and closed out this morning close of my first target.

as i said yesterday, until the market has proven that we're in a renewed uptrended, i don't see in value in investing over the medium term - but that's just the way i've decided to play this and of course, everyone has their tolerance for risk.