Think it’s pullback time. Am still holding ~25% $TSLA short (which certainly had it’s back broken today). No stock only verticals for next week expiration.
Based on the PA today in $TSLA, it seems both the 50% retracement level and 200dma at $110 will be a price magnet.
This is a raging bull market and it’s easier to trade from the long side. I’m focusing my energies on passing CFA level I in December, and waiting out this pullback (which may never come).
I will be most actively managing $TSLA short, and looking to add in a low risk spot if I can for a move to $110. Also short $FB today as a new position.
That’s my laundry list. Keep it simply. Wait for opportunity to show itself.
Check out the bearish sentiment levels. By bearish I mean pay attention to the level of bears in red. It’s the most significant.
Chart provided courtesy of DecisionPoint.com
Here’s the FB chart(s) – break of $45 is what I would like to see. Risk 1/2 percent.