By: Scott Redler
I am out of all my longs as of today. I sold all my swing trades taking off all my risk on the long side. Going forward, I will only be using active three-day strategies from both the long and short side. I think the longer-term follow-through money has been made.
We’ve been in core longs since March 1st managing them accordingly based on the rotation between stocks and sectors. But now the market has hit my caution area at 1175-1185.
Note: I am not short the market overall here, I’ve just taken my macro longs off the table. The market can go higher from here but I will be smaller and more flexible with my trades. The meat and potatoes of the move that I was looking for was from 1110 to 1170. That move has completed and the rest is gravy.
