What a day. The market reacted very positively to the cliff news and shot up a giant 308 points, but I wasn’t in to feel the full 308 points. That’s right, I sold out most of my positions today and clocked in an insane 8.5% in a single day.
I am currently about 72% in cash, and the rest is Silver, AMD, and a little in QQQ.
Where do I go from here?
Trading stocks tends to be a “glass half full or half empty” type of situation. If the market shoots up another 200 points this week you can always view it negatively, but I view this situation as a win/win. Market goes up, I have potential shorting opportunities and if the Market goes down, I dodged a bullet.
Look.. I’m up 8.5% in a single day (maybe my best day since starting this blog), it’s hard to be upset even if I do miss out on another 8%. I’m happy on the sidelines for now. I personally see a correction back to the low 13,000 range within the next 12 weeks (hopefully much sooner), but who knows.