The short-term models I use for the blog trades are clearly overbought this morning though they have not turned down toward neutral yet so there is no rush to exit on that account. Yesterday was a hugely positive breadth day, and those types of days coming off a major low tend to lead to further short-term gains. I saw a historical study this morning suggesting consistently positive returns even out to 5 days after a "blast off" day like yesterday. That would be in line with my personal expectations of this price pattern.
So bottom line for trading purposes, I won't argue with anyone exiting right now because typically I would be suggesting an exit right now. In this case, I just think the probabilities are very good to get a further push up from these levels.
Maintain GTC limit orders of 26.00 to sell QLD on further market strength.
Pete
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