Morning folks. Looks like we are getting set for another gap down today with the SPY down about .4% premarket. slv, gld, uso all down across the board. As you can tell by the action the last few days this is classic bear market or correction action. You get signs everyday of a bounce coming to only flip when the traders start piling in on the longside. The price action has been very poor but utterly predictable. Till we gain strength and regain certain levels in the markets all bounces should be sold into. There is still profits to be made on the longside it just requires more precision and a shorter time frame. Certain setups are still working traders are still running up many reverse split stocks like ORS, WEST everyday. News/earnings breakouts still working along with certain types of technical setups. The key is to keep selling into spikes and raising your stops. or have a mix of longs and short so during certain hours when the market thrusts your taking gains on your longs while your shorts chill then do it in reverse when market fades. As tough as it has been the good thing is we are really only 1 big thrust away from a major support level where a very meaningful bounce can materialize
If your taking losses of late its best to just sit back and watch figure out how to trade this type of market and wait for a bounce to get back in the game. Thats not my cup of tea as I’d bankrupt myself and everyone i know before I ever admit i cant beat the system but im a stubborn sucker and self destruction is a gift of mine!
there are some decent looking short setups but they all look the same and nothing really that epic you can throw a dart at almost any terd right now and the probability is that it will go down. Not my style..i like to the be the first in things. the first in breakouts and the first in breakdowns leave the rest to the scalpers.