Morning folks. Looks like we have another gap in play. This is strangely becoming the norm. As of right now we are looking at a 1% gap down in the s&p. Gold lookling like a flat open while OIL (uso ) down 1%. Chinese stocks are getting murdered premarket with huge gap downs across the board. Many of high our beta names we like to play YOKU, SOHU, SINA, BIDU all getting nailed. This is bear market trading at its best folks. Its very hard to carry things overnight as the gaps make trading very difficult. We are in HIGH CASH environment. This tape is a choppy mess and very sick. Look at the ag sector or the energy sector. They symbolize a growing economy throughout the world. Even when the market bounces they cant catch a bid. The market is very sick right now it would see that we will see a retest of the low end of the range in the s&p soon and then that might give us a low risk entry to long again.
The list of stocks on the shortside are pretty much degated due to the gap down. We never short thees things instead we wait for a setup.
Im still in chicago Ill be trading off my netbook so no video today. I was going to stay for the weekend and party it up but we got much work to do so Ill be heading back home tonight. Lets try to get a webinar for sunday going. I will let you guys know in the afternoon. I’ll be in the chatroom pretty much all day. Seems you guys did a great job yesterday big thanks to mbwilloughby and szaman they are great traders.
also keep our etfs on the radar. they are our friend on gap days where all your setups get nullified.
edc, edz, tna, tza, fas, faz,