Video: https://youtu.be/kIkM7Rldwc8*NEW* Mentorship Session Recording (October Meltdown): https://blog.bullsonwallstreet.com/swingmentorshipNot much has changed from yesterday, but watch today's video as I show you the impact or lack of impact Apple has on the 3 indexes. AAPL is gapping down on earnings, which impacts QQQ the most. Overall our outlook has not changed. We are watching upside resistance and market breadth to indicate whether or now this bounce has legs or will fail and setup more short opportunity. I may add 1 low risk long today, but outside that still staying patient.Back to earnings, keep in mind it has been a lackluster earnigns season with 4 of the 5 FAANG stocks reacting negatively to earnings on the day of announcement, and NFLX while gapping hire ultimately failing as well. This is not a positive catalyst for the market.We remain cautious. I have exited all shorts and have only one low risk long (LULU). Depending on how we close today I might add one low risk position.I ran a scan of top performing stocks in October which I will continue to track: HRL, PZZA, MDB, CMG, WMT, CIEN, CROX, SBUX, PBR, TWTR, NEO, PLCE, DECK, SAVE, JWN, BURLRemember 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. Today we might have the first clearance, but for now we still look at this as a temporary oversold bounce and not a trend shift.*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.Potential Bounce List: TNA, TQQQ, SPXL, FANG stocks, WYNN, SNAP, NAIL, BRZU, IRBT, SINA, YINN, BIDU, FCX, SYNA, AYX, UALRelative strength list: MCD, ULTA, ORLY, LULU, SBUX, BURL, WMT. KSS, CROX, TJX, TEAM, BKE, TWTR, CYBR, PAYC, UA, OLED, TUP, IRBT, ILMN, ISRG, CYBR, AYXCurrent Positions: Took profits in SQQQ. Added ULTA.Today'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)
