The market carried the momentum over from the last day of 2012 to post a fabulous first day of 2013. It was the biggest breadth day since December of 2011 -- the start of the rally last year. There's a lot of hope going on right now that this will be the start of a new rally.
If this is the start of a rally it probably won't continue until next week. The move was so big yesterday that the market will have to consolidate or pullback slightly. This will allow it to regroup and push to new highs.
With that in mind this was one of the very few times that we will go against the long term and short term trends. I went short yesterday with the goal of logging a small gain as everyone else takes profits on their longs. I went short 10 minutes before the close and it cost me as the market rallied to new highs those last five minutes. That was a little disappointing. I may exit my position sometime today or possible hold until tomorrow. I'll see how the market reacts today. I'll then get back on the long side.
No comments:
Post a Comment