One Tough Market

I took a small short position early last week at levels slightly below where we sit today. A confluence of indicators were at levels that had previously led to corrections.  I would expect to make money in 9 out of 10 situations where so many indicators lined up. However, the more time that passes the less conviction I have that we will get a meaty correction.

I will be looking for an opportunity to flatten out on Monday as I have very little conviction as to the near term direction of the market. As I wrote this morning, I would view a rally into late April as a gift to get short. What happens between now and late April is the tougher call. Have a great weekend.

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