Video: https://youtu.be/M-EH37STRMAMentorship Session Recording (2018 Stats): https://blog.bullsonwallstreet.com/swingmentorshipTalk about downside continuation. This ugly day was a beautiful continuation for us since we are short 2 indexes and BABA, and I still firmly believe we will retest April or February lows. Thus, I have increased my targets for both SPXS and SQQQ even though we have already hit target levels. However, as we have already discussed, corrective markets always have powerful bounces before the next leg down, so now I am readying a list of stocks that could be great bounce plays.The negative close on BA's positive earnings is another poor market breadth indicator (as was NFLX). Until market breadth improves we continue to only see bounces as very quick trades.The game plan now is to:
- Let shorts play out.
- Look for potential bounce plays
- Continue to montor relative strength.
- Monitor S/R levels on indexes and stocks
- Monitor earnings reactions
*While I am bearish and expect more downside, the market can change on a dime. We really don't know what's going to happen. Also keep in mind that within corrective markets we often see powerful bounces. Trade small, don't get too aggressive and stay in protection mode.We will watch support today and keep an eye on intraday reversals. If that happens, there's a chance we take a long bounce play in index ETFs or beaten down stock like NVDA or SQ.Potential Bounce List: TNA, TQQQ, NVDA, SFLY, ROKUPotential Shorts: ALL FAANG stocks, LULU, BA, ETSY, ORLY, DIS, NVDA, ROKU, CYBR (too many more to list)Relative strength list: MCD, ULTACurrent Positions: Still holding SQQQ, SPXS, BABA shortToday's video:
Please read the Education Archive and posts 23 Laws of the Part Time Swing Trading the Market Speculator Wayhttps://blog.bullsonwallstreet.com/23-laws-part-time-swing-trading-market-speculator-way/How To Use Swing Dashboard: https://blog.bullsonwallstreet.com/how-to-use-the-new-swing-trader-dashboard/Chat With Traders Interview: http://chatwithtraders.com/ep-058-paul-singh/29 Essential Trading Posts: https://blog.bullsonwallstreet.com/29-essential-swing-trading-posts-2016/New subscribers and trial members please leave me any feedback/comments in the comments, via email (singhjd1@aol.com) or twitter(www.twitter.com/PaulJSingh)
