There is a reason why I draw the box I do. The shaded area. I also look at charts and see what makes sense. There is more upside to come before we reject and head down... At least I am pretty certain there is. I am glad yesterday afternoon I covered a few stocks I was short in. The rejection is coming but there will be a little more upside first. I have limit orders set and alerts as well. Congrats to those that took long positions and saw this coming. Dont be greedy. Shorts, don't panic. Well assuming you are not day trading or in short term positions. As someone said, don't be emotionally invested. Read it like a book. As someone said you must be long some stocks because you are usually more short bias these days. No... stay unemotional and just read it like a book. Accept what the market is telling you and keep your emotions out of it. That's why I am also saying rejection will be coming but more upside first, or atleast I think so. Find that spot that makes sense on the chart and you will be amazed at how it finds a way of making it there. Set an alert.. one before to give you a "heads up" and one as it gets closer. Take action there.
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Short term bullish, even if you don't want to be, it is... we will be coming down soon enough. Dont ignore the little bull flags showing up on the hourly charts on some of the tickers you might be in. They will play out then comes the next leg down.
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There is real potential for that 432 spot to come mighty fast. Go long there? If it were to hit there tomorrow morning or sometime really fast, yeah.. I might. Or just hang out and wait for the better short entry. Patience is always rewarded.
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SPY is being prohibited from going above 448. If it is seen attempting to do so a full on assault will be launched on SPY to take it down.
- General Original Stock Whisperer
- General Original Stock Whisperer
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There was also a nice 5 BILLION dollar sell in the 448s... again, someone exiting in a big way.