I am impressed with the strength of today's rally. I still think it is mostly short covering and short term traders. SPY is about 13% off its recent low. So if this is a typical 20% bear market rally, that means it is 2/3 over. Of course, the stock market has been anything but typical lately.
I feel a strong urge to add longs today. That often means we are closer to the top. I resist the urge. Good news is that the DNA merger deal seems signed and sealed now. For now, I am content with the two small minnows in my net, while waiting for a better chance at some bigger fish.
Positions: long ROH, DNA
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