Video: https://youtu.be/geErXoiyGocMentorship Session Recording (October Meltdown): https://blog.bullsonwallstreet.com/swingmentorshipThe market is tanking this morning on tech concerns lead by AAPL's warnings, and a safety stock like Target getting crushed after earnings. Obviously this helps our SQQQ position, which is sitting $16.60 premarket (entry $14.13). Although we hit our $16 target level I am straying in the trade and moving the stop up to $16.13 on SQQQ to lock in 2 points. The next target is around 18.For now I am content to just manage the bearish position. It's not a good level to add more shorts and I will only go long on a strong reversal candle at the close. If that happens, SPXL, TQQQ, TNA and SOXL are in play.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: BRZU, INDL, BABA, SINA, BZH, TOL, CLF, X, WYNN, UAL, ORLY, ULTA, MDB, TSLA, CYBR, TWTR, TEAMPotential bearish plays: SQQQ, TZA, SPXS, SOXS, FAZ, NVDA, FBCurrent Positions: Still holding SQQQ. Stopped out of TWLO yesterday.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)
