Position: short EEM
Well, that sucks. Of course we had to gap down today since I came into today flat! As always I reserve the right to change my position back and forth as conditions warrant. I shorted EEM at the open since it gapped down below Thursday's low; officially giving us a new low, a lower high, and now a lower low. Trends 101.
The daily already looks stretched to the downside but that matters little in the EEM. The SPX, DOW, etc., did not have much damage inflicted today but they do appear to be hanging on by their nails. Such is the nature of this market. Tops are excruciatingly long drawn out affairs while bottoms come sharp and fast intraday. Such is the life of a short seller. It is tough being on the other side of what 99% of the world wants. Not to say I wont get long if I think we are going to rally. In this market if you want to make money, you cannot get stuck in your opinion of where the market should go. I like to make money either way and even though I am usually leaning bearish, I don't care if we rally or break down. Well, it appears that silver and gold decided to show their hand a little more today, the only problem is that neither one broke a significant prior low according to the daily charts. That's not necessarily a good thing though for bulls. One thing I have noticed many times is that levels that "should" hold usually don't once a little trend gets rolling. The market loves taking out the obvious stop levels and going just a little bit further than you might think it would. This goes for up and down moves both. Let's see what surprises tomorrow may bring.
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