I just got caught in the craziest rally I've ever seen. This was one of the most violent short-squeezes ever. The reading on the NYMO confirms this, which is off-the-charts.
I don't know what to say. This has been such a long time coming & the economic data is so bad. I really didnt think the Bulls had it in them..
I've been trying to catch this big macro-move that I still believe is unfolding but it's just been so tough..
I've really given this rally as much wiggle-room to reverse as I possibly could've and what I'm going to do moving forward is basically use SPX 2000 as the line in the sand & as long as price is above 2000 then I just won't even be in the market at all. If price falls below 2000 then I'm going to be short.
I honestly don't believe that this rally has much more steam left but I've been saying that every single day & have been proven wrong repeatedly.
So I'm just going to use this major 2000 level and also the 550dma which is my primary indicator of long-term trend. That's going to be my line in the sand moving forward.
I can't afford to lose any more money than this so basically if price gets above 2000 I'm out.
Once it does inevitably fall below SPX 2000 again I will be short.
I know that I'm going to be right on these macro trends but I must not get blown-out fighting insanity.
SPX 2000 is Key.