By Jeff Pierce

 

Related Posts:

Gold Should Pullback From These Levels

Important Charts To Review

Uninspiring Three Line Break Charts

4 Responses to “If Your Long Remember To Book Profits”

  1. jason2713 Says:

    why sell now? every dip is being bought and then some.

  2. jeff pierce Says:

    for the simple reason when the dip doesn’t get bought it’s going to be brutal. I think everyone is on the side of the fence that thinks every dip is going to be bought (including myself) and there will come a time when the masses are wrong so it is important to be careful.

  3. No Tribe Says:

    I closed all long trades over the last hour, and with the profits, have went long on puts of the 3x bulls and vix/spy. I went out to June, and got pretty close to the spread, $1 or $2 out of the money. Theta is so low that I can ride these for three weeks and see what happens– if I am wrong will close them out and lose half at most. I think a gamble would play the May’s, but I go with the backup plan.

    My reasoning is the astrological eclipse that involves the south node, Taurus-Scorpio, and the transits therein. Something is gonna flip this. Might not be until the week of the 20th, might be a week earlier or later. I just got a feeling of panic today to close out and take the other side while the volatility is so low as to make the risk worth having for a few weeks just in case. If I am wrong I will take a hit off half the year’s profits and wait for another trade.

  4. No Tribe Says:

    Merriman has a lot on the reversal:
    http://www.mmacycles.com/weekly-preview/mma-comments-for-the-week/mma-comments-for-the-week-beginning-may-6,-2013/

    But he also says this could last till July. That wouldn’t surprise me either.

Leave a Reply