I am switching to BOT Neutral now until I get a more clear picture about the true direction of this market. I can make a 1 month bullish case for the market, but I can also make a 1 month bearish case. Plus tomorrow is option expiration and next week the much awaited Fed meeting.
The market should get some sort of more duration sustained type move after the Fed meeting next week. It could be either up or down depending on how much or little the market likes what is being offered.
It just seems to risky making any strong stance before option expiration and the result of next week.
So BOT Neutral for now and ready to switch either back to BOT Long or BOT Short maybe by end of next week…
P.S. The scary part of today’s rally within the recent range on the sp500 is that it still has the potential for a major bearish resolution. The QQQ is confusing matters quite a bit for me lately.