Morning traders….Looks like cash is still best position. After getting stopped out of $sprd yesterday all i got is 1/2 position of $denn and some $uco
We are sitting on a support level that if it breaks can cause some hell. Lot of stops will get gunned. We are not even oversold yet so there is not a huge edge in this market yet.
Days like this best bet is to sit on sidelines and just make watchlists….
When there is a crash like this.. you get a chance to buy your dream stocks at a huge discount... Doesn't mean buy but start thinking about.
What i like to is take a stock that interests me like say $nep and put an ideal price target i would like to buy it. say 4.50 for me. Then lop off 20% of that and you got yourself a decent entry in your IRA. In a crash...the forced selling and margin selling takes down stocks way below support. Lowball everything.
In my IRA I always keep 25-30% cash. My mentor told me once the market gives u 2x a year a huge opportunity to tuck away some gems in ur ira and forget about them.
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On the trading front…. for your daytrades and swingtrades..this is precarious position. Best go very small position size and be active.
Foll the @urbanryno his trades have been hot lately (he’ll probably hideout all day now that i said that!)
