00:00 So outlook here, I mean, it's such a tricky market, Derek, because we've run so far. So I like I'm
00:05 scared to kind of chase stocks here. But at the same time, I'm kind of scared to short stocks,
00:09 because you know, all the stats you just gave that, you know, we could have continued buying
00:13 in here. So how do you approach it as a trader here, like right now, for the next like week,
00:18 just looking not not ahead, like, you know, the next month or the next year, but just looking
00:22 ahead to the next week? How do you approach it when you know you've run this far, but you know,
00:26 it's a little bit maybe early to start shorting stocks? It's a great question. So one of the
00:32 things that I was pretty sure to the traders that I work with is one of the keys to success in
00:37 trading is knowing when you need to be aggressive, knowing when you need to go pedal to the metal,
00:41 because there's a ton of opportunity out there. And knowing when you need to be a little bit more
00:45 passive and let things reset up. I think right now and for the last two trading sessions, and
00:51 I'm going to say the same thing today in my morning meeting to my team, I think we're right
00:55 now in a less is more scenario. Be patient, let the market reset up, let the setup come to you.
01:00 And then when the setup is there, then we can see, okay, you know, we created a beautiful bull flag
01:04 here over the course of four days, now the setup is there, we can go in for the longs, or we've
01:09 used it and the market's not creating a pivot, and we can try to go long off that pivot, wait for
01:14 the setup to come to you. Don't force it if it's not there. Where we are this morning, where we're
01:18 set to open this morning is an area that I consider to be no man's land. That's what I call it. We're
01:24 in a spot where if you short here, you can get your face ripped off on a short squeeze. I don't
01:29 like the risk reward on the short side. But the long side, we're still a little bit extended from
01:34 the huge move that we had that makes it a not great risk reward on the long side. If you're
01:39 coming in and you're looking to buy SPY right here at 435, where we're basically trading pre-market,
01:46 then we could pull back to 429 and still be healthy and bullish and create a higher low at 429.
01:51 You don't want to be bag holding $6 against you. You may end up being right on the long side,
01:55 but the pain that you're going to have to endure in the meantime just makes this spot right now
02:00 not an ideal spot for new longs or new shorts. So be patient. Cash is a position. I've got longs on
02:07 still, but I've made my book a little bit more neutral over the course of the last week.
02:12 And I'm just waiting for the setup to come in. I'm waiting for that signal.
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