Or Patient. Again, read the assessment at Trade-Guild, 3C has been right every single day about this market for 2 weeks. The bottom line is we will probably see a relief rally of a day or two. I would not add on the first day, maybe the second but we will have to see when we get there. You can go for some quick longs, but you are really trading counter trend and if you have grabbed the shorts I listed when I said, you are in good shape-DO NOT PANIC in the event of a rally. I'm telling you now the probability is there that the market will rally, it is still within a very bearish context and it is normal and to be expected so you know it's coming, you know it's not changing anything and I'll let you know if it were looking as if it would. When we get close to the reversal I will again add a lot of shorts -depending on which have set up nicely during the bounce. You will also have the opportunity to add to your positions at higher prices which is a great thing.
So, do the hardest thing for a trader, be still, be patient and let this market have it's little stint that sucks in the bulls, it will only add more fuel to the downside move.
PLEASE read TRADE GUILD as all of this is explained in great detail and you'll feel much more confident in holding and being patient.
Any questions or if you just need to trade something, let me know and I'll send you out something, but it's against my advice at this point.
Wednesday, May 5, 2010
GAP-Bounce?
We thought maybe we'd see a little bounce in the am, things change quick and even quicker with a 1-min divergence which doesn't carry a lot of weight, but the fact is, $118.20 was the load up signal so you should be enjoying the profits right now. Do not discount the possibility of this gap being filled with intraday moves to the upside-do not be concerned about them either, they are another opportunity to get those shorts you may have missed. Remember, my new email-it's on the right side of the blog "Email me questions"
