Markets gave up lots of gains from yesterday aleit on low volume, this is what is called as churning process or consolidation. We are range bound for last 3-4 weeks now and the breakout from this range will see the next direction. Sector wise semi and energy were up most of them were down.
Its a no mans land right now and I am hedged 65% long 35% short and most of my longs are thru options hence my risk is well defined in them. During this time I generally reduce position size and become quick in taking profits.
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