The wrap this afternoon is brief. The market continued the downdraft and most of the targets we outline at the beginning of this month have now been met and now those we updated with last week have also been met. So, at this point we need to take a look at what probable downside is left in this intermediate term trend sell off.
I received a rather sarcastic email this afternoon ... every now and then I get one ... talking about how clueless I am in my trading. Interesting email indeed. It was titled fish food and I supposedly was the food. I guess I would ask all of you out there, is there value in the intraday writings, the bias for the day or is just the swing trades that have interest to the majority? Since I live the intraday trades, I tend to write about what I see but I try to be careful to talk about the time frames so as not to confuse. Now this email could just be an outlier or maybe it's a reflection of something more. Just curious.
Anyway, we have a weak market on our hands, and though there will be a bounce in here somewhere, I would be careful to try and find it. Many times these selling spurts last longer than you would think. If you are making money or simply keep your stash in cash at this point, then you are doing well. It's those that buy and hold or sell and walkaway that are at risk. Maybe that kind of frustration was bothering that email writer late today.
Have a great weekend and see you next week. I'll likely be updating the trading thesis soon so keep an eye out. A good look at the charts this weekend may cause such an event.
I received a rather sarcastic email this afternoon ... every now and then I get one ... talking about how clueless I am in my trading. Interesting email indeed. It was titled fish food and I supposedly was the food. I guess I would ask all of you out there, is there value in the intraday writings, the bias for the day or is just the swing trades that have interest to the majority? Since I live the intraday trades, I tend to write about what I see but I try to be careful to talk about the time frames so as not to confuse. Now this email could just be an outlier or maybe it's a reflection of something more. Just curious.
Anyway, we have a weak market on our hands, and though there will be a bounce in here somewhere, I would be careful to try and find it. Many times these selling spurts last longer than you would think. If you are making money or simply keep your stash in cash at this point, then you are doing well. It's those that buy and hold or sell and walkaway that are at risk. Maybe that kind of frustration was bothering that email writer late today.
Have a great weekend and see you next week. I'll likely be updating the trading thesis soon so keep an eye out. A good look at the charts this weekend may cause such an event.
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