Turning out to be another day of disappointment as the push on the SPX has taken out the 1198 area and now is zeroing in on 1191. That tends to confirm the idea of a top being in now so the hard work is to find entry points for intermediate term shorts. Given the ferocity of the pullback, we don't have a good entry point here but instead either need some sideways action or a bearish wedge crawl back higher next week. All in all, yesterday was the day to pour it on and hold them. If there's one thing I've got to get better at is understand the propensity for the chaotic move rather than the average play as that's where the money can be made. The first step to solving a problem is clearly identifying it and that step has been taken. Now that we know what we are after, we can search for the solution.
This slow drip is frustrating if you don't have enough in place to profit by it and worse yet, if you are positioned wrongly. Now if you are at the beach with ACe, then that's another story. Got to get me one of those beach towels!
This slow drip is frustrating if you don't have enough in place to profit by it and worse yet, if you are positioned wrongly. Now if you are at the beach with ACe, then that's another story. Got to get me one of those beach towels!
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