OK, a lot has happened since my last post so lets get right to it. As you know I've been bearish on stocks and had a very large short position. The trade was actually working nicely for about 2 days but then things changed in a dramatic way.
Out of nowhere stock exploded higher and before I could even blink my profits were gone. Just two days later I was sitting with large losses which continued to get worse throughout each day. I finally pulled the plug a few days ago but the damage was already done. My nice profits turned into a loss over 2 times greater than what I had originally planned to risk. This was a ridiculous move higher which I obviously did not see coming at all.
Above is a 60 min chart of the NASDAQ and as you can see the market is now at heavy resistance. Given that the market has had such a big move up in such a short amount of time I wouldn't be surprised to see the NASDAQ hold here and pull back.
I do not have any positions at the moment in the stock market but will keep an eye open for the next opportunity that presents itself.