Video: https://youtu.be/MZSxBYIPxskMentorship Session Recording (October Meltdown): https://blog.bullsonwallstreet.com/swingmentorshipLat week was constructive for the market as it bounced and all three indexes remounted their 9emas and held. This week we watch to see if this level holds and if they can take out the next upside resistance level, which is the 50ma. If that level gets taken out I will go from bearish to market neutral or even slightly bullish. Failure would setup the next short play and February lows are back in play.Earnings season has been bad. I continue to mentor earnings reactions. Also, now that all FAANG stocks have reported with poor reactions, I am watching for signs that they reverse.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.Focus List: TNA, TQQQ, SPXL, FANG stocks, WYNN, SNAP, NAIL, BRZU, IRBT, SINA, YINN, BIDU, FCX, SYNA, AYX, UAL, X, ULTA, SBUX, SOXL, LABU, TWTR,Relative 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)
