Maybe I got a little greedy and was ramping up my risk too much but today I was whipsawed. Everything was looking good until a meandering consolidation turned into a vicious short squeeze in the last 20minutes. This is classic PPT manipulation. I thought that we finally got past this but clearly we have not as last night the BoJ came out and manipulated their currency affecting the USDJPY and spiking the DOW 100pts in seconds. This is a high risk environment. Clearly, the market has already topped out, but the amount of Bulls in Denial is staggering! Fools buying the dip in droves. Anyways today I unfortunately was forced to reduce some of my short position into the low volume squeeze at the eod but I am still short and I will ramp up my leverage again the instant the market starts rolling over and inevitably breaks the current Bear-Pennant to the downside.
Ultimately, the market rolls and gets another reality-check down into the floorboards. Until then it is a patience game. Just remember to keep your eyes on the prize and do not fall for these absurd low-volume dead-cat PPT ramp jobs. The only 'people' left buying this market are algos and people suffering from blindness and/or mental retardation that have no place in this business. You cannot feel bad about taking money from a fool for this market is going much, much lower.
RSS Feed