I was watching it - closed just on top the 20dma.  I bought some w/ a stop below the 20.

With this morning's pullback in TBT, I'm wondering if it's time to look at buying.  Anyone care to weigh in?  Thanks!

5 min SPX chart sure looks like it wants to exceed Friday's high.

Yep, and I took a short SPY position as a result.  It's been a good trade before, hoping it comes through again.

Absolutely.  If it were truly fixed there would have been a bigger up candle on a lot more volume, and yeah the Euro would be up a lot more.  Still, the fact that this rally is weak (See, e.g., Jason Haver's comments on the ratio of up to down volume) won't preclude the market continuing up if it wants to.  At times like this I think of Steve's wise comments about respecting price action, while remaining cautious when things are overbought.  I will be selling longs, moving stops up, etc., into strength, moving back into cash.

Thanks for the info, rbreese

I did take XHB this morning at 21.38.

Just took a short position on SPY, 138.97.  Stop at 139.55.

FWIW, a couple fund managers on CNBC earlier today saying just the opposite regarding a top.  Sentiment is bearish, there's plenty of money on the sidelines; so we will climb the Wall of Worry.  Any pullback from here they believe will be bought and we go higher for the rest of the year.  Or maybe you were thinking more of a short-term top, as opposed to longer term.

60 Stochastics have been above 80% all day so far on the 5-minute SPX chart. Times that it has closed above that level have always been a good short-term short. Especially so if you short the third, afternoon push higher.

thanks for the input. It's so hard to buy longs in this environment.  Using VIX calls (lightly).

Wait and see the EOD numbers?  Looks like a good short, if nothing else as a hedge.  Could use some words of wisdom!  I now have a few long positions from this morning, and I keep thinking about the action all summer long - chop.  How is this time any different?  Expect the expected?

Drughi ... so funny ...

Thanks, GFI has been a good trade.

Matt, I pm'd you a question regarding my DBA short position.

Also, what do you use to get the COT net short EOW figure?  I found this site, which provides EOW COT long and short (I suppose you just subtract the former from the latter to get net short): 

http://www.321gold.com/cot_gold.html

I pm'd you the comment below, but thought it might be nice for other members to hear anything you might have to say.

 I have no position in gold right now.  As you know, I can't buy the physical because I don't have that kind of money, so it'll have to be GLD.  

GLD is above the upper trend line, at least so far, today.  Assuming it holds, what do you think about this break, especially given we're still in the middle of summer?  Maybe a small position, like a 1/4 size?  At some point I'd like to have 10% of my IRA in GLD.  Any words of wisdom?

Gold breaking out of the triangle pre-market, thanks to Draghi's comments.

Matt, are these systems EOD?  I would imagine so for entry, but what about exit?

I second that question, steveo.  I closed my positions for a good profit yesterday.  Hate watching profits evaporate.