At one point I'm going to have Come to Jesus with this blog....
Please understand, I do a Million things, and the last of which is sit here and try and get Blown, by writing this blog.
Today's action... The more times the market bumps up against resistance/support, Like that red Trade Channel, the more likely it is to break through that resistance/support. The early morning test of that level, I did not find encouraging to my 109.50 target on the Spy.
I do want to say, I told Tony to buy it, and just see, but it didn't act well during the day, and seemed to want to act like a "Failing" bounce.
I want to add, I also told that to tony, and suggested that the best thing would be just sort of trade with the swings, as you can.
It's still possible to get 109.50, but I did sell the close.
this was of course before I realize "Nobody wanted to hold them into the Weekend" Which I would have taken as Contrary sentiment.... my prediction for Tuesday is Up 3-5 on the spx.
1 comment:
You said, "The more times the market bumps up against resistance..."
I think you mean "support", but yeah, I agree, the next swing down it might fall through.
The larger time frame still looks like a big bear flag, volume notwithstanding.
I did close out a few shorts in the morning, and left my long hedges active (reluctantly); man, I do like that XBI chart.
I'm coming very close to putting my trading account into the T.Lo Satellite allocation (my retirement account is already in the Core Portfolio) and doing something different for a while. This chop is horrific and she is starting to win me over to her "engineered portfolio" religion.
Truth be told, though, I'm addicted and will always have some vig in the game.
Post a Comment