DEATH CROSS | Bulls on Wall Street

DEATH CROSS

 
 
 
 
 
 
 
 What a day…we chopped around all day till the last hour when the bears finally put a little sac into their game and pushed us down.  But still no knockout blow. Needless to say its been a rough month, few months for many traders so a fresh start will be welcome.
 
This is not a good environment to trade for 99.999% of traders. Im seeing many traders that i follow and respect getting smoked.   Your basically pissing in the wind everytime you go long for a swing.  Unless your following someone who knows what they are doing..this market is designed to slowly bleed your money.  Hell I was hotter than a hooker in a baptist church the last 3 weeks..and ive been flat to slightly negative the last 3 days. just drip drip drip till ur commisions start draining you.
 
Looks like we are getting very close to the old “death cross”  thats when the 50dma crosses with the 200dma which is very bearish in nature.  Look at the velocity in which it happened..that shows you the true selling power behind this dump.  That tells you what we already have been feeling. The bear is back.  We’ve been telling our guys in the premium rooms for many many weeks to stay at least 80% cash and cut your position sizes in 1/2. Thats really the only way to make it out of this type of market.  Just because we got a death cross in the making doesnt mean you go all John Rambo and start shorting the market.  These are all lagging indicators.  The easy “boats n hoe’s” money has been made on the short side already as the QQQQ’s have been down 7 days in a row. My guess is that we bounce in the next couple days the nature of it will be very important but its just a prelude to a next leg down.
 
Ill be looking at the nastiest most beat up foul stocks in the market with large short interest and play the bounce. I see many sectors that are so oversold the stochastics are sitting at 0. Department stores, specialty retail, restaurants are a few on my radar. Then ill prob short those same stocks as we get ready to leg down.
 
 
do to market conditions and my crazy boredom..im gonna start blogging much more!! enjoy!
 
 
p.s. I had a contest with @johnwelshphd last month for stock gains.  that mother trucker was up 30% last month and made 31k.  Now thats unreal he beat me up like a toothless stripper at least 3x percentage gains..might be 4x once i get home and get on my other computer.
 
 
 
 
 
 

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