As usual, make sure you read tonight's Trade-Guild post. If you did what I said last night and followed the updates, you should be sitting on some decent long positions and should see at least a day if not two of additional upside. Today was really just a reversal day-my note on TG about the support level being hit gave you a great opportunity to add at even better prices.
For now we will not be adding to shorts, there's no point as long as we have a bounce because we can get better pricing at higher levels, but I imagine before the week is out, we will be adding to shorts and you will hopefully have made a nice little profit in the long trades we re in now-IT's not too late to get in! There should be early weakness that can be used to enter the trades. Whatever happens, DO NOT LET A WINNING TRADE TURN INTO A LOSS!
The fact that the SEC will be coming out with a report in the next few days about "Circuit Breakers" on trading platforms (meaning if a stock drops by 10% in 5 minutes, trading will be halted in that issue for 5 minutes) is probably what is propelling this market higher, however it underscores a fear that the SEC has about the waterfall sell-off that 3C predicted last week and that was just the start. I think the SEC has some information about the direction of this market and is putting panic plans in place, which is great for our short positions, it means we ARE on the right side of the market.
DO NOT BE COMPLACENT with these long trades, Europe is falling apart and it won't take much to spook the US markets, news can change things fast, but for now we seem to be ok.
I see numerous long trades, they all look like the market, since they are sensitive to individual news items, I choose the Ultra and 3x ETFs in last night's post as your long trading vehicles, I see no reason to change that plan as I don't see any particular stock outperforming these leveraged ETFs. So, keep an eye on Trade Guild, do not panic and sell too soon, unless the market spooks badly on news, even a gap down in the a.m. should not run you out of your long trade-I expect we may see just that.
If you have TeleChart of StockFinder, you can use my TrendChanel for stops. If you don't have the platforms, please visit Trade-Guild and use my links as I'm an affiliate and it wont cost you a dime more. I'm more then happy to share my custom indicators with you. You can also use the StockFinder and TeleChart tabs at the top of WOWS.
Hang in there, we are on track, don't let emotions govern your decisions.
5 years ago
