The Qs are trading above Friday’s high of 32.48 and are just below the DECLINING 5 day MA at ~32.86. From the Friday low of 29.38 to this morning’s high of 33.17, the Qs have experienced a rally of 12.9%. Do not let your confidence move with prices, instead become more defensive. Selling a portion of any longs early this morning makes sense, then your job is to manage risk on the balance. I think an initial stop could go below the low of 32.53 (this morning’s low) maybe near 32.48 to give it a little extra room. If the market continues to display strength, keep raising stops and hold the balance until the market tells you to get out, not at levels that you perceive to be important. It is highly unlikely that I will hold any long positions overnight tonight.
If you are looking for a short entry, wait for price confirmation, don’t just blindly sell short into the strength.