Video: https://youtu.be/PGK0niaPsi4Mentorship Session Recording (October Meltdown): https://blog.bullsonwallstreet.com/swingmentorshipWe opened the week watching for a SPY hold of the 200ma support level. It has not held and as is common in weak markets, intraday strength continues to fade into the close. I am now slightly bearish, currently holding one bearish index play (SQQQ) while being patient in adding shorts or longs. In today's video we go over the longs lists, in case the market does remount key resistance levels. The plan now is to add index shorts if we see more weakness, and only go long on market strength. Patience is the best strategy right now.Oil is popping this morning. I will watch for a potential rubber band long setup after oil inventories report one hour after the open.Overall earnings season has been bad, although it did show improvement last week. That is a potential driver of the current market. 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.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.Trade small, don't get too aggressive and stay in protection mode. We don't know yet if this is a true reversal of trend bounce or dead cat failure bounce.Potential longs: CLF, NFLX, UA, TWLO, X, BZR, TOL, BABA, WYNN, UAL, TQQQ, SPXL, AMZN, AAPLPotential bearish plays: SQQQ, TZA, SPXS, SOXS, FAZ, NVDA, FBCurrent Positions: Added SQQQ on Monday. Stopped out PAYC on Monday.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)
