I'm Gone

Futures up huge again. Just like that. I'm wrong, I'm gone. This morning I will burn it all to the ground. No part of my trading plan allows for staying flat-footed while losing money. I'm gone. Maybe I'll get long. Yuck. Maybe I'll go lay on the beach.

Really I should have been out before the close yesterday but I was out of the office for the last half hour. Didn't expect such a big pump into the close. That will cost me. It hurts too. The best month ever for me is no longer. But I will admit when I'm on the wrong side. That is clearly now the case. I'll take my remaining profits and walk.

My watchlist for today has long ideas outnumbering short 2 to 1. Let me be clear though. This bounce has legs and could even last until year end. Does it change the big picture? No. I still think this is setting up the shorting opportunity of a lifetime. However, in the short run, you must trade the tape you are given. You are never smarter than the market.