Video: https://youtu.be/i_rsUm22TIw*NEW* Mentorship Session Recording (October Meltdown): https://blog.bullsonwallstreet.com/swingmentorshipThe market is popping this morning, but doesn't not change the current outlook *yet*. However, if the indexes clear their 9emas with remounts that would be the first bullish move since the big drop. If that happens I will look to add a relative strength or FANG stock. Stops on index shorts are at entry levels--they are basically "free trades" now, where we either break even or win.Retail has shown relative strength and make up most of my relative strength list.Remember strong bounces are common in corrective markets. They only signal a potential shift in trend if they take out key resistance levels coupled with strong market breadth signals. Yesterday's green day did not qualify.Earnings reactions continue to act poorly, another bad signal for the current market. AAPL reports on Wednesday which will be a big market tell.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. The 9ema is key right now.
- 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, ROKU, FANG stocks.Relative strength list: MCD, ULTA, ORLY, LULU, SBUX, BURL, WMT. KSS, CROX, TJXCurrent 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)