It seems like the market is going to pullback today. I saw a lot of shorting at the end of the day yesterday (rather than profit taking) hence my short of BIDU. I am about to open up two more short positions but will stay net long.
I think the lowest point is 875 on the S&P but watch the 20 day on the SPY. Great opportunity to buy dips in good names. On the short side, I would day trade and look for names that performed well on short squeezes. As a hedge, on could buy gold or silver names, particularly miners.
All in all, I have no idea where the market will end up. Just buy the dips and sell the rips.
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