As you know, I have been watching for a countertrend rally since last week, and we finally got materialization of that this week.

As a trend trader, I often raise cash when anticipating a countertrend rally that will allow me to re-short or re-long the market at better levels. This has been my strategy/plan for the last two weeks, and we are finally getting a bear market rally that will allow me to re-short the market in the near future.

I am still very heavy into cash but entered one short sell this week as seen below:

Entered $ABBV short sell: $150.99. I am still holding this full position with a target of $134-$136.

My next targeted moves will most likely be in the small cap world through $RWM or $TZA as I expect a roll over in the near future. I am watching the weekly 20SMA as heavy resistance right now to target some gap fills lower.