Edge?

Right now? No, we don't have a strong edge which means that you should pullback your position size and be diligent with your risk management. This market is very volatile which is tropical of tops, but it "seems" like we still have some upside owed to us by the market. As I pointed out last night, the positive 10 minute chart doesn't need to take place the next day, it could be a few days.

Nevertheless, we did have some decent trades today, one made nearly 19.5% in a day. We had some that lost money around 4-5% and some that gained the same. We had several that did not trigger on their limit orders, they are still very much viable trades.

Now is not the time to swing for the fences, that may change in a matter of minutes tomorrow, but right now it seems as if we will see continuation of the downside that started at 1 pm-I (remember to read Trade-Guild updates-the reversal was posted there for all to see). i have a feeling that we may see at least one more support level shaken out, but there's a chance that we see the $105 SPY area shaken out, which becomes very dangerous as this could cascade out of control under that level, which is great for our shorts, but not so good for any longs.

Tonight I will list several trades that seem to fit with the analysis and show strong probabilities if i can find them, you must understand though that 65% of the gravitational pull on any stock is first and foremost "market direction", which also means that most people spend way too much time looking at stocks when they should be studying the market and the industry groups which are the second most powerful determinant in a stocks direction.

Check back in a bit, this will take awhile -and also remember that today's trades are not dead, even ones at a loss right now. This is why I advocated last night for wide initial stops with fewer shares.