Two winners for the April option cycle, MCD and VMI. Both positions experienced steep drawdowns, but I stuck with them. The pullbacks in these two stocks gave me pause when considering other longs. I waited for pullbacks in several other stocks and they did not come, or were too shallow.
So, what now? I am in the economist mode, "on the one hand, on the other hand." On one hand, the rally off the lows is extended. On the other hand, a lot of folks are looking for a steep drop. This week, SPY was down about 5%. That's pretty steep for one week, but in the context of a 32% gain off the lows, 5% isn't so much.
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