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You technicians and historians know the significance. Steep declines in 5 of 6 instances after ultimate top reached including 1929 and 1987. Open for discussion.
I took profits today partly because of this, but mostly because I believe a lot of my gains have been boosted over the last few weeks and the risk to the downside is greater than the upside. I trimmed the following:
FB 50%
SBUX 50%
SODA 50%
AAPL 25%
KMX 50%
JNJ 25%
I'm currently 25% in cash after adding to my Citi and Visa positions. I'm up about 28% this year and don't mind missing a few percentage points. I feel like I have more to lose than to gain by staying in the market. Secondly, I don't think the tax plan will pass in 2017 and that might be a short-term negative for the market (even though I think not passing it will be better for the country). This might lead to a bipartisan tax plan in 2018 which will hopefully will be best for the country and the economy. The market should correct before that happens; if that happens. I'd say the current plan (which hasn't been seen yet) has a 15% chance of passing before 2018 based on the attitudes of public polling and the fact that Congress cannot agree on much (not necessarily a bad thing).
I don't like pinning trades to RSI over the 75% level, due to the inaccuracy or decay in relative sensitivity to reversals. That being said, WOW! Working on VIX trades as of this morning now that my AMZN, FB & TSLA trades have all worked out. Really hoping the trend continues, about to get into the great area to make some really good plays.
You technicians and historians know the significance. Steep declines in 5 of 6 instances after ultimate top reached including 1929 and 1987. Open for discussion.
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