Morning folks. futures gapping down very nicely. most any longs held will be murdered. as we know when the market breaks below major moving averages all spikes get sold. which is why we constatnly every five minutes type it into the chatroom “sell all spikes” ive not made a last night as there was no point to as all the good setups would get waxed at the open. but as with all big gap downs like this there are huge huge opportunities for bounce plays. in 2008 which was my best year ever trading i made almost all my money going long stocks after big big moves down and waiting for “confirmed reversals” then play bounces off support. We just might get that day today. who knows. right now there is nowhere to hide. OIL is down 4%, Gold is down 3%, along with every other index.
this is what i like to do on days like this. start making a watchlist. make a wish list of all ur favorite stocks of the last 6 months that you played or that you missed out on. and watch them for when that bounce point comes. then when u do get a bounce ur not scrambling for picks.
im digging through for some also. when in doubt you can always use etfs like TNA
