Morning folks futures indicating slightly lower open. This is no surprise as the market tends to just keep gapping down when you have broken key support levels. We don't have any major data points or catalysts this morning so expect traders to move this market back and forth.. my guess is we it will be somewhat volatile but in the end accomplish nothing. We are currently digesting this latest batch of bad economic news and it seems the market is gaming the fed to make a move and do something about it. right now I'm looking at spx 1295 as my nearest level of support and for my nearest level or resistance is the moving averages overhead but as of this moment I'm likely to sell into any bounce for the time being or fade it.
This is not the easiest environment to trade for new traders...even though we have been kicking ass in the chatroom making money everyday it hasn't been easy as our tactics and strategies have needed to shift as the structure of the market has shifted. If your a newer trader or one that cant shift on the fly its best to stay in cash and wait for a better setup. Or find yourself and connect with good traders that can guide you and teach you during this up and down market there are least 5-10 you can find on the internets that are pretty dang good and will have a style that suits what your looking for.
Stocks I'm watching
The market is closing under its lower bb band now...expecting a bounce in the markets soon. (most likely a light one)
the market is closing under its lower bb band now..expecting a bounce in the markets soon. (most likely a light one)
also like agro, cool, ymi, ftwr (bounce play) uan, still like qpsa on dips or break of 9.5
thanks to my little protege jason brach aka swoon for helpingme make my list yesterday! kid has a good eye
