Absolutely. You knew this was coming. I sold the rest of my GPL position off the open this morning and am hoping for a pull back and retest of the neckline and gap fill. TA indicators show we are well into overbought territory and the fact that it seems to be going sideways and consolidating today reinforces those thoughts. Of course I could be wrong, time will tell. Either way, if we consolidate and continue up I will considering reentering. That said pretty hard to turn down this opportunity. Took some profit on a day trade yesterday and bought back in this morning and will likely ride this one out as it's been stated 9.00 is the area where the put/call ratio is 2.41 to 1. This is where the shorts either hold the line temporarily or start taking a bath and covering. I'm opting for #2.
I agree that it's probably bath time for the shorts. Short covering should continue to drive SVM upward, but not without a few dips along the way. But will the volatility be sufficient to swing trade SVM on it's way back up to double digits? I just took some SVM off the table and am hoping that I can sneak back in soon. We never will go broke taking profits, will we? SS