Here is my plan for the market this week. The member only "Trade Report" also included my focus list, consisting of the stocks I plan to trade if we get a pullback.Market Notes:As I noted last night, the cup and handle pattern emerging from a bottom formation looks good. While it may not be a... Continue Reading →
Game Plan for Friday
Here is the game plan for Friday, taken from today's Trade Report:(See this post for a free seven day trial and 30 minute private chat)Market Notes: The market drifted up today on decent (but not great) volume, and is nearing the $85 resistance level. Stochastics are very overbought right now, which leads me to believe a... Continue Reading →
Trade: FAZ
While not at extreme levels, the market is starting to get a little overbought. The T2108 reading is above 70 and many individual stocks are posting stochastic readings near 70-80. While not making any big bets yet, I took a small probing position in FAZ (entry at $35.09), which gives you 3X leverage short financials.... Continue Reading →
Market Notes: Are We Oversold?
I am still finding this market tough to trade. I have no problem trading in bear markets, but my issue right now is that we are oversold, but not that oversold. So it's tough to initiate longs or shorts. If I do decide to trade, it will most likely be with an even distribution of... Continue Reading →
Panic Overwhelms the Market
Well my friends, panic seems to have set in. I sense there is something different about today's decline. Over the past couple of weeks, dips have been met by underlying strength, and the general mood was that they were to be bought. No fear whatsoever. That's not the case today. Buyers were not willing to... Continue Reading →
Better to Play the Second Bounce
It's easier to play the second bounce, as opposed to trying to time the first. If you take a look at the chart above (SPY vs T2108), it is obvious that there is no sure fire method in timing the bottom of a correction. The T2108 indicator (via telechart) measures stocks above the 40 day... Continue Reading →
