So far the sharp selloff and the ferocious rebound have lots of similarities to last Oct. We have already pulled back and retraced 1/2 of the losses. I lessened off last time around this location, which was early in retrospect, as market grinded up for another 2-3 weeks afterwards.
I will still start reducing longs here. Nov tends to be stronger month heading into Thanksgivings back last Oct. We are going into more treacherous time heading to Holloweens. The "To Raise or Not to Raise in September" question has not been officially settled. We might have a few more bullish days heading into Labor Day and market then will likely switch focus to next NFP and FOMC.
Better book your profit and wait for another entry.
Just my 2c. YMYC.
