Uncomfortable About Chasing A Trade
Honestly, folks, I feel so uncomfortable about chasing a trade today that I am not posting any. The market is in an angry phase that shreds accounts. If we see a trade during the day, we will post it in the trading room and on our Smart Phone App. Trading because of an addiction or desperation is not smart trading.
We will any discuss charts you may have in the trade in detail during our Members Morning Prep starting at 8:45 AM Est. With Steve Risner and Rick Saddler at 9:10 am this morning. members morning briefing
Recently closed
VXX 6% • CAT 39% • TWTR 50% • FEYE 28% • OCN 39% • TWTR 54% • QQQ 28% • QQQ 179% • TWTR 180% • VXX 375% VIPS 118% • WTW 21.9% •
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SPY • Relief Rally
Friday the SPY fell again and landed on the daily 200-SMA, also very near price support. Pre-market numbers suggest a relief rally bounce just as we talked about Friday. A common relief rally to about $263.35 would be normal, maybe even between $263.35 and $265.90. The SPY felt pain and damage last week, and if today’s bounce is the start of a bottom, we will need to see a constructed reversal pattern. If the Bulls are not ready for a repair job, we could slide into the February low area.
The VXX short-term futures
THE VXX chart demonstrated it’s fear last week by breaking out and holding into Friday’s close. The pullback I see premarket is still above the downtrend line. Fear and volatility are in the house.
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