Chat with us, powered by LiveChat
Bulls on Wall Street: Stop Guessing. Start Trading.
well the selling is fast and furious here. Investors are moving their money from smallcaps to the "safe havens" aka $goog and other crap like that.
There is no way to spin the action on a technical level. Its ugly and the vol pattern spells trouble.  I think the only positive thing is that dollar rising today is causing much of the selloff its not some terrible earnings report or economic news.  @copperstl had pointed this out me yesterday that the dollar was shorterm bottoming and oversold, it was due for a snapback pulling the market down with it.
Even with 2 very succesfull trades in $lbix and $yrcw I am still having a drawdown.....thats how nasty the tapeis.  Id rather have Roseanne sit on my face then get nailed like this but Im willing to sacrifice that shorterm pain for a chance to smack mother market right back in the baby maker.  The spy 105-106 area should provide good support and we should a shorterm oversold condition to bounce off. In the meantime im selling my dogs and raising some cash. Im at about 25% Id like to get to 30% while nibbling on some select chinese names.The $spy has broken down through its breakout spot which means its time to get defensive.  Get nimble people
$rut already resting on its moving avg
Tread carefully if you dip here make sure to watch the indexes for a break.....
I will be nibbling on some stocks here $yrcw in 3.5s-3.6s $tmi $eds (10s) $best low 1.5s
The key is not to go all in.............SCALE IN 1/3S OR 1/4S nibble and watchout smallcaps getting their faces blown off

Pin It on Pinterest

Share This

Free Trader Handbook

Get our exclusive “Trader Handbook, The Bible for Traders”. With this ebook you will:

       Create your own perfect morning for peak performance

       Learn how to develop your strategy for evaluating a stock

       Learn proper risk management rules when making a trade + much more

Thanks for subscribing!