Why I protected my longs and took some bearish positions today?

$QQQ made a new all-time high today. At the same time ...

1) QQQ is at Pendulum/Price Extreme High.

2) And at that hefty price level, bulls and bears played with each other with some Extreme Bullish Pressure and Extreme Bearish Pressure days.

3) Today, as of ~11:40 AM EST, QQ is turning down after a gap-up open.

It is starting to fill risky to hold longs. That is why I closed some longs. Put trailing stop on some other longs. And I took some bearish position using options (and a few stocks as well - the stocks which are weak fundamentally as well as technically).

It may be a false alarm. And in that case, I have nothing to lose. Peace of mind is sometimes more important than the slightly increased profit that may result from unprotected longs at the very top when the above signals are appearing.

q 2020-02-05_11-42-55.jpg 

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