The Dow is off 68 and the SPX is off 9.05 and the rally off the morning lows has evaporated.. Mr Market is now falling as this is written, off 20 Dow points in 10 minutes.
Our Momentum Changes now have been generated in the COMPQ and in the SPX.
We have posted our new recommendations, which include the following:
Short SPY at 127.40
Short QQQQ at 55.87
Buy QID at 11.00
Buy FAZ at 8.80
Buy TZA at 15.82
Buy TWM at 12.69
Best To Your Trading!
Bill
Hi Bill,
ReplyDeleteSo I'm curious what happened to your signals by the end of the day? I'm on the edge of confirming going short, maybe tomorrow, almost happened today. For myself, I trade only the last 30-45 minutes of the day because I found I got caught in far too many intraday swings. I think we're in for a significant correction in the next month or two as there's huge divergences everywhere. Russell broke support, but SPX and NYA rallied. A move into largecaps for less volatility/capital protection, I suppose.
Daniel
ReplyDeleteI got caught away from the computer this afternoon and did not update prior to 4.
I have Sell signals in SPX, COMPQ XLF,and RUT. I consider these to be short term signals, but I am not a day trader. I will post some stop loss prices tomorrow morning in case the market reverses.
In addition to the short term signals, I got an intermediate Sell signal after the close. Mr Market can be a cunning jester, and that is why it is important to understand stop loss prices. I will take tiny losses any time the market does not go the way my signals tell me it should. There is always another trade coming down the road.
If you remember the Gold and Silver trade of last week.. Gold produced a momentum change, but the immediate market action did not go my way and I bailed. Of course, now those trades would be profitable, but that is second guessing. My number one goal is not to get trapped in a position, hoping to be right while the market moves against me.
Best to Your Trading.
Bill