Wheeeeeee – what fun!
What do you want me to say? I could not possibly have warned you more, I couldn't possibly have said CASH!!! or "Cashy and Cautious" one more time without sounding like an idiot and I could not have given out more hedging ideas or better shorting lines on the Futures to save you from being "surprised" by the vote by the UK to leave the EU and the market repercussions we're seeing today. In fact, right in yesterday's morning post I told you:
Nice test of 2,100 on /ES, which is a good shorting line along with 17,8000 on /YM, 4,450 on /NQ and 1,160 on /TF and 16,600 on /NKD is ridiculous since the Dollar is down half a point (93.23) but safer to short the US indexes since the Dollar coming back would be good for /NKD.
This morning I called longs on our indexes in a 3:38 am Alert to our Members and we caught a nice move up and I'm not even going to talk about how profitable yesterday's Futures shorting ideas were since it seems like crazy, unrealistic money when you catch a 5% correction and, anyway, if you missed it – it's not like these happen every day, week, month or year.
That's why I was making such a big deal about it – how often are we able to get ourselves ahead of a major market correction? As I have been saying, the RISK of the market making new highs and us regretting missing a bit of a move higher were/are nothing compared to the REWARD we now have from flipping short and moving to CASH!!!, where we now get to go bargain-hunting on all those stocks people are panicking out of.
We're in no hurry to do anything, however – let the chips fall where they may over the weekend and we'll see how sentiment is running over the weekend. Our morning longs have already stopped out and, on the whole, the S&P…