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April 30, 2009

Don't Blink

For the record, I re-established my full short position this morning into the gap higher (around ES 881 or so). The reasoning is that equities have not done well when the buck is higher, and since the dollar index is up, I'm guessing this gap will eventually close. By "eventually" I mean eventually today. I am also playing a bit of a game of chicken with the market gods. My view that a larger decline is imminent has not changed. We still have stretched readings in several indicators and the selling-on-strength data continue to pile. Instinct tells me market makers are simply taking out short stops with this push higher. I will judge near the close whether to keep a full position.

 

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