MORNING FOLKS. happy hump day. Futures are flat today. Market is consistently testing different leveles of support last few days as we drift lower and attempt to stabilize. Even though market is only down a few percent from highs im seeing huge deterioration in the individual stocks i trade most down 20-40% from its highs. when market does bounce these cuold be some epic setups for bounces. But timing the bounce has been a bit more trouble. We stablized around 50dma yesterday but even that seemed a bit mechanical. Didnt really see any fresh buying jump in at those levels. Not much else to say there has still been money to be made on both sides of the isle lot of intraday breakouts off earnings or news are working. Lot of short setups are working too. If you can play both sides or find setups that work in this market I bet you are making just as much money as 2 weeks ago it just takes different tactics as you cant expect regular setups like breaks to 52 week highs to just work. It takes a little bit more skill and anticipation then that. Im still holding very few swings overnight at the moment and concentrating on daytrades. When i see the right moment ill ad 6-7 swings in a hot second till that moment just have to trade faster. If this market is causing you to lose money its best to sit on sidelines and observe and learn the setups that do work in this market and make a wishlist of stocks for when a bounce comes.
