Within the confines of the previous Market Thought post 're-assess', there maybe a light pullback or treading. This is purely technical based on the overbought condition of the market itself and the 10yr yield. The 10yr is also at an obvious SMA resistance.
The setup may facilitate in a light pullback to the 1300 level.
(I took on a light SPY put protection mid-day, but plan on closing it out in any weakness tomorrow. Or I will cover it if the SP500 moves past 1320.)
Also, just wanted to highlight the technicals of LLNW. Apparently the rumor/expectation today was new Facebook business coming their way.
Re-assessing the chart, my discipline will most likely drive me to unload half my position between 7.25 7.50 (depending on the overbought position), and if it pulls-back/consolidates from that level, re-enter. (If/when it sees 8.25, I will unload the entire position.)
No comments:
Post a Comment