Trade Alert – Two partial short covers: Can the bulls kick the door down?
Like I postulated yesterday, now that Apple has joined the rally party, a lot of folks are suddenly thinking the markets are now headed higher again. Yesterday I noted that the market had a better bid underneath it, and today that better bid continues.
I’m going to cover about 1/10th of my DLTR and DG shorts today, locking in some very nice profits on these short positions.
We’re now up on our AAPL calls from last week and I’m holding them and the rest of my positions steady as we head into earnings season.
The path of least resistance is no longer down, but is now up. My biggest concern about the upward bias is that already the bulls are acting less scared and are even getting confident already again. That said, such a turn in fear to confidence can stretch for days or weeks and can tug the market right up higher despite/because of the growing bullish consensus.
I’m ready to see some serious tech earnings reports and how stocks react to them already!
Can the bulls kick the door down?
