Nov 2, 2004

Uncomfortable rally

I find this rally more and more unsettling for the short-term. I have a pretty constructive view for the long run but I simply do not like this bold leap higher in front of an unknown. Positioning for a post-election rally made sense if their was pre-election anxiety but that is just not the case. I am going to trim some longs here and perhaps throw out some shorts into the close. If tomorrow's open is higher that is probably the best time to short. It will just be hard to count on a higher open given the amount of news coming overnight.

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