morning folks. Interesting week last week. we got our first dip scares since November including a successful retest of 20dma. All in all the action was pretty much to be expected nothign surprisng came about. When u come up so far so soon…earnings season is a typical type to get some volatility and swings back in the market. Earnngs season as proved to be a bit tricky as the avg stock is down on avg 1% post earnings. this week keep an eye on the reaction to earnings..do we see another “sell the news” type of event or do we some ibm type moves.this will be key for the coming week. You can definatley see a shift in sentiment in the past week it will be interesting to see and important how traders react thsi week…do they just fade everything? or a good batch of earnings they put the bid back on stocks.
on a technical level keep an eye on spx 1300 as our overhead resistance/target. im using the 20dma as my line in the sand specifially the low on thursday. there are 3 ways this places out..we break thursdays supprt (which gets me into a large cash posiiton). We breakout to highs or we just chop around in the range between thursdays low and oru recent high.
Be carefulon this 3rd scenario as it can be a commisions stealer for retail traders. happened to me quite a bit last week. When market chops around in a nuetral range…it often leads to overtrading which can really wreck accounts. im often guilty of this as my ego often will get in the way and ihave a full belief taht i can trade any type of market. but in the end it leads to to much scalping/overtrading..next thing u know uve blown 1k on commisons for the week.
subs: Great webinar last night. quite amazing to see almost full participation from our group at 10pm at night webinar on a weekend! that tells me ur all ready for some great things. the feedback was amazing.
I have the webinar recorded…i wll try uploading today as many of the members have shown me some ways to get it uploaded. its a big file we went for almost 2 hours!
