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Monthly Journal: Traders' Insights Wanted!
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Be Careful

I should start by saying that I don't think this rally is over yet. But be careful at market open today. All of the major indices are showing signs of overbought conditions on the short-term indicators. Most tickers are experiencing overbought conditions after yesterday's rally. And also remember that after a massive one day rally there is usually a little profit take that will follow. Swing traders like to take profit from time to time.
I'm not saying to sell your long position immediately when intra-day trading opens. Remember that indicators will stay in oversold conditions for some time during a rally. But, hypothetically speaking, if we start seeing multiple red candles with the volume building and momentum to the downside increasing then personally I might cover my long position until the trend bounces.
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