Regarding the X long-term trade as well as any new positions at this point, with the markets so extended with negative divergences still in place on every major index that I follow on all important time frames (60 min, daily, weekly, etc..) we ARE going to get at least a decent pullback very soon, maybe even more than just a pullback. As with the recent gold stock long trades, I would consider keeping any new position sizes on the lighter side as well as use a scale in strategy for potential longer-term trades, such as X and the gold stocks or any other trade ideas that I might add soon.  Ditto for the short side.  Consider keeping new positions light and scale into any short positions that you think might morph into a longer-term swing trade.