Aug. 12 at 2:13 AM
One of the best traders says that this rally "has the look and feel of nothing more than a technical bounce."
He continues...
"Before a reliable bottom can be established, we are likely to experience more volatility and a test or undercut of the recent lows. With that said, my focus (as always) is on individual stocks. Until stocks meet my strict buy criteria, I'm on the sidelines in the safety of cash."
I went yellow alert on
$QQQ and
$SPY about four weeks ago and followed the rules to take all my speculative positions down and hedge a lot of my long by going short the market (via those two tickers).
I didn't let the Qash burn a hole in my pocket. It goes into
$BOXX which is currently yielding about 5% per year. Better than nothing and much better than losing money!