Today we took profits in a lot of our puts.. XLF and SPY… The reason for taking profits right at the lows of the day, is because we are simply playing the ascending channel. With a double support region today, it seemed wise to get out of our short term trade and let the market churn on it’s own before we step back in. We still hold a short on BEN due to it’s overbought status but we are aware that the S&P can rally to 1014 (38.2% retracement) before it gives away it’s gains. If both the channel support and the ascending support are broken we will look to short the market to the 970 level.
Duration : 0:4:59
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