Today we took profits in our Bucket 2 short position in SPY. We will likely close the rest of the position later today.
The reasoning is simple. The past five days stocks have consolidated and worked off some of their overbought levels.
Any decent news out of Europe tomorrow and Friday has the potential to rip this market higher. We want to be as flat as possible going into tomorrow and Friday.
If the market really falls appart we can always get in on the short side again.
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