I’m taking it on the chin today. Not only from the market, but readers as well. It’s comforting to know that I can bring so much joy to so many of you. It seems some of you derive a lot of pleasure from my pain. I guess that comes with the territory, especially with the profits and win rate I’ve enjoyed this year. Yeah, that is a jab at the petty bastards that bombarded my inbox. May you rot in 10 feet of bull dung!
I haven’t covered any of my shorts just yet. As I constantly preach, it’s important to let your stops work for you. As of yet, no major S/R points have busted, so I remain in bear mode. However, we are getting close. For instance, my stop for AAPL is a tad above $181, and the stock closed at $180.22. My QID stop is around $37.60, PGJ at $34.50 and MER above $60.
While I’m not concerned about any losses I may suffer from the above trades, I am ticked off about not entering MA at $181 (it’s currently at $195.60). I outlined it in Monday’s video, and pointed out that it is a better bounce play than bearish looking setups like AAPL and GOOG. Note that MA was up 6.30 percent today , while GOOG moved only 2.77 and AAPL 3.09 percent.
My mistake with MA was waiting for too perfect of an entry. I’ve talked about this before. I am not usually all that precise with entry points, as long as risk/reward is good. What was I thinking!!!