I have been waiting for the rally to get up to resistance around 130 before re-entering the market, and had thought we might get that today. Now, in the past 15 minutes, there have been warnings of potential catastrophic meltdown possible in the next few hours and the market fell out of bed.. a mini crash. the market has rallied off its lows, and is currently trading off 120 Dow Points.
I am not a day trader, although that is a lot of fun. But for purposes of this blog, I have longer term objectives. This is not set up to be able to act a quickly as a day trader must. Having said that, we are in a market where it is best have a plan and be ready to act on that plan. As long as momentum remains Bearish, I will be looking for a new SPY trade on a rally somewhere around 130. Meantime, keep the powder dry and ready to act.
Best To Your Trading!
Bill
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