I don't see much happening this week. More than likely we will experience more sideways trading action as the market decides where it wants to go. Short term we could have another spike up. However, I believe we will turn lower for the intermediate term within the next 5-6 trading days.
Today I will buy a large chunk of SPY (S&P 500 ETF) to hedge against my short portfolio. If and when I believe the market has turned lower for good I will cut my hedge and go completely short. The best place to be at this point is neutral, waiting for the market to resolve lower.
Check out the portfolio here:
32 minutes ago