6/23/2010 gameplan | Bulls on Wall Street

6/23/2010 gameplan

 
 

morning folks .Futures up a tad maybe .5% or so. Oil slightly weak to flat. europe is down slightly.  right now the futures are creeping up due to FED day where helicopter ben is supposed  to reiterate that interest rates will be kept low for the unforseeable future.  This is to be expected anyways so I wouldnt read to much into it..
 
The structure of the market has changed… i repeat HAS CHANGED. Now that we are breaking key levels of support. Low volume bounces will be faded by myself.
 
Its a scalpers market again…Overnight holds and swings will be risky.  We have over the last week or so made some mega gains by holding stocks for a period of time as the market was breaking resistance…Now the opposite is happening.  time to get defensive.  The risk to reward right now favors being short.  Nothing to fret thats how it goes… Most of us should have seen 10-20% increases in our account the last 3 weeks.  Now its time to relax a bit…make less trades…smaller positions sizes..and get defensive.
 
Capital preservation is key right now as we are below major price support and major moving averages.
 
In markets that get nasty your best bet is too follow @urbanryno in the room as he never takes more than 1-2% losses and is very good at scalping trades back n forth over and over…  My personality is to always go for it in anything I do which doesnt make it conducive for scalping 
 
 

 

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