Added another short position to the portfolio with Adobe Systems (ADBE). I was missing some tech (and still looking to add a good setup within the Financial sector), so I thought that this would be a good start. I also closed out my position in QQQQ at 45.11 at the open this morning – and boy am I glad. I thought at first, I would end up regretting the move, but not now.
As for the general market action we are seeing, I am really liking this. First of all, it has been quite some time since we’ve seen a descent gap up, especially on a Monday, turn into a pretty rough sell-off. This type of selling usually sticks much better than those big gaps downs we get, which usually sees the bulls rallying the troops back.
Here’s the ADBE Chart and My Markups.