Active traders like ourselves can't really be bears or bulls. Traders like us just trade whatever sets. However, we can have a bias, and that bias simply makes us look for more opportunities in a certain direction. Our bias is now short due to the market going against major resistance on multiple sectors.
However, with the QE2/POMO anomalies we're also very aware we can overshoot resistance. However any move above the 200SMA weekly on the SPX for the next little while will be treated as overshoot short for us meaning that we would short any intraday extended move with target a move back to the 200SMA.
Our best days in trading almost always come when we're against a major level of support or resistance. This is a time when we are aggressive as we have conviction.
We covered a large part of the daytrade but are short swing TNA SSO SPY and will trade around the position accordingly.
Munger: The Psychology of Human Misjudgement
5 hours ago