morning folks. futures looking a little flat . Oil taking a slight dip down .5% or so. Europe a little bit less than 1% on a slight dip. Asia still looking strong especially japan today which is up nearly 3%.
INTC numbers have kept the market strong. They are reporting that they had an amazing quarter. They are gapping up 6% premarket.
even though the market has been strong. WE are not out of the woods. Still need to be quick here and just buy and sell stocks. No major holds. I see from our surveys people still have trouble letting go of stocks. People tell me they buy a stock and then they cant buy anymore because its down 40% and thats all there cash they had so they havent been participating in this massive runup.. Well…if you ever read these blog posts I have said a 100x. Keep your positions small and dont take losses. cut them early. This is still not a good buy and hold environment. We have been up for many days in a row. Your reward to risk ratio changes greatly here. right now we may have 1-2 points to the upside and 10 points to the downside on the SPY if we are playing the range that we have been. If we break above all this resistance than the range changes. We have 1-2 points to the downside and another 10 points to the upside. think of trading in terms of stacking boxes. When you break over the top of the box. That now becomes the floor or the bottom of a new box. And if you break below the bottom of a box that becomes the top of a new box. the range changes.