Hey Guys,
The market jumped again yesterday in a big way. The S&P 500 is now above the 4,500 mark.
It's incredible because just a week ago, many people were talking about a market downtrend. And then in the midst of that fear, the market started jumping.
My experience has been that you can never be sure what the market is going to do next, and sometimes when you least expect it, the market will take off.
I locked in a couple profits this morning. My HES options reached their profit target. And my stock position for CME got closed for a partial profit when it reached its time limit this morning.
I haven't taken on any new positions so far this morning. A lot of times when the market has a string of upward momentum, it leaves me without a lot of new trades. The reason is because my trading strategy is based on pullbacks. The research from my backtesting doesn't support buying stocks when they're hitting highs.
If you have any questions or feedback, I'd love to hear from you.