Ultimately is was a strong day with only GLD and 20 year bonds displaying any weakness. Even the VIX and VXX were in the green, leading to another unstable EOD as the VIX accelerated into the close.
Thursdays have the greatest statistical probability of being short term pivot high days
so it will be interesting to see how that bet plays out.
With virtually all the majors extremely overbought it's hard to fathom how the markets can continue uptrend much longer. Nevertheless, the market seems inclined to inflict the maximum pain to the greatest number of traders on occasion and I'm foregoing any new longs until we get a couple steps back. Meanwhile, my portfolio, which has been net long since mid-February has been re-aligned to reflect a more defensive fully hedged posture.
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