Short S&Ps 2717.50
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Started by joj - Feb. 7, 2019, 6:55 a.m.

Risking 2730.

If I get stopped out I would short again if the market  takes out today's lows.

Tuesday marked a nice 42 trading day cycle high.

Today marks a 44 trading day cycle high in the Nasdaq.

Bullish news out of the way (priced in):

Fed has reversed it's hawkish tone.  Decent earnings season.  Overly confident consensus that a deal with China will happen.  That one baffles me.  I certainly think a deal is possible, but China has only one political party.  I think it's 50-50 at best.  AND... a deal would probably be a rally to sell.

There is another issue that is potentially bearish but I want to keep this on the TR page.

By joj - Feb. 7, 2019, 11:46 a.m.
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Moving Stop down to 2717.50 (scratch)

I forgot to mention that the S&Ps stopped just shy of the 200 day moving average.  It wouldn't surprise me to see a sharp rally over that level in the low 2740s area and then fail.  But for now, I remain short.

By joj - Feb. 8, 2019, 4:05 p.m.
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Covered on the close.  I had to respect the turn around.  Closing higher after early weakness.  Small winner.

By metmike - Feb. 8, 2019, 11:25 p.m.
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Thanks for sharing the trade joj!