The bears could take solace in the fact that if we rally Tuesday and Wednesday we will likely be overbought. I would likely further hedge my portfolio if that scenario plays out.
The reason I was able to get aggressively long at the most recent bottom was because I waited for the market to become oversold before doing the bulk of my buying (mainly removing my hedges). When I go short I try to exercise the same patience. That patience means that I will miss tops where we do not get fully overbought but it also saves me a lot of pain. I used to hate missing moves but over the years I have managed to get over it. The fear of missing is an investors worst enemy. Have a great weekend.
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