So , a week on from when I posted this Fear & Greed Day Trader: How to trade in a wild, pile driving market. There has been 3 up and 4 down days in the market since then. If you subscribe to the same feeling I do and prepared yourself for the fantastic trading opportunities that are only starting to appear on the downside, you'll have notice that the moves to the downside are picking up. More violent as the longs are starting to panic. Faster, quicker moves as support levels get broken. 100% red on my new lows indicator.
Am I convinced that the bull market is done? No, and I won't convince myself one way or the other as it is better to just live in the now moment and trade accordingly. There will be up days and down days.
I'm focusing on trading ETFs today. FAS. FAZ. TNA. SKF. no need to look elsewhere at the moment. However I will be watching stocks like AAPL, AMZN, FSLR, POT etc to crack.
From this morning
1st chart is TNA
2nd is FAS
3rd is FAZ
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2 comments:
Scott, are you trading at the market open now that some real volatility has come into play? I've been playing a lot of stocks that nose dive in the first hour or so, and I know that last year you were trading at the open so as to not miss those opportunities.
CN - Not trading the open but getting into things 10 or 15 minutes earlier today.
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