S&P 500 opened lower earlier today, but have rebounded from the 50% Fibonacci retracement at around 2790 to trade at around 2813. Credit markets are holding up relatively well - they have rejected today's move lower and they're definitely not breaking down as we speak. It appears the bulls are ready to stage a short-term comeback, as evidenced the action in technology, healthcare and financials.

As a result, it's justified to close our open and profitable short position at market, and wait for a better entry point from the risk-rewards perspective.

Trading position (short-term; our opinion): no positions are justified at the moment. In other words, we're taking profits off the table.

Thank you.

Monica Kingsley
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care