Wasting time... so here it is... lets look
Killing a few minutes and I find myself lets play with some charts... so lets take a look... what I want to see this week is very little to the upside.... the blue shaded box are your parameters for this week meaning we will stay inside that shaded area. What I would like to see is more of a red week ... a little tiny bit to the upside and a rejection .. a hard sell off? No, I dont think that will come this week. Just a rejection and then down, but staying within the parameters. What would concern me is if we were to say reach the top of the blue box... do I think you should be buying long there? Not at all... but you do you.
Lets look at the rally that happened January 25th. Could be the same as the March rally. Am I basing this rally on that, no, although history does repeat itself. I am just saying an equally impressive rally happened in January yet, what happened? That's right... we came on down. I know so many of you find it hard to believe SPY will be under 400 but it will be far below that. But again, you do you, I will play it the way I see it. Maybe reading all those books and studying was just a waste of all my time. Who knows? lol
Lets take a look at XLF.... financials... still doing a great job of selling off. I do expect the little bit of upside but than the next rejection and next drop. Impressive run up. "kudos" for the run up. Anything change? No.
Anyway.. that's about it. Good luck. And if you are short and got stuck in the pump last week, don't panic. I have a few red positions on QQQ and SPY as well and am not losing one second of sleep. I also took two short positions on stocks that are just selling off, yesterday. I do see that little bit of upside coming in and already have alerts set to alert on "every candle close" past the threshold as it gets close to shorting time so I that I take the alert seriously and log in and set a limit order to short. I find the spots that make sense to short and just set an alert for as it approaches. Less FOMO, less wasted time = happier person, person who does not make stupid mistakes.
Thats about it.... no all time highs, sorry guys.... we close in the top of the shaded box, start to be concerned but remember, you then look for where the higher low should be.... but lets be realistic, SPY has massive downside to it. Just massive. Let's see the route it takes to get there and when.. but it has massive downside.
Full disclosure, I am not a day trader. God bless those people thinking they can day trade and make it worth while. My positions are usually for 2 weeks or more with a few exceptions, like an obvious earnings play sometimes but 99% of my positions are for two weeks or more or when it reaches my goal.
Lets look at the rally that happened January 25th. Could be the same as the March rally. Am I basing this rally on that, no, although history does repeat itself. I am just saying an equally impressive rally happened in January yet, what happened? That's right... we came on down. I know so many of you find it hard to believe SPY will be under 400 but it will be far below that. But again, you do you, I will play it the way I see it. Maybe reading all those books and studying was just a waste of all my time. Who knows? lol
Lets take a look at XLF.... financials... still doing a great job of selling off. I do expect the little bit of upside but than the next rejection and next drop. Impressive run up. "kudos" for the run up. Anything change? No.
Anyway.. that's about it. Good luck. And if you are short and got stuck in the pump last week, don't panic. I have a few red positions on QQQ and SPY as well and am not losing one second of sleep. I also took two short positions on stocks that are just selling off, yesterday. I do see that little bit of upside coming in and already have alerts set to alert on "every candle close" past the threshold as it gets close to shorting time so I that I take the alert seriously and log in and set a limit order to short. I find the spots that make sense to short and just set an alert for as it approaches. Less FOMO, less wasted time = happier person, person who does not make stupid mistakes.
Thats about it.... no all time highs, sorry guys.... we close in the top of the shaded box, start to be concerned but remember, you then look for where the higher low should be.... but lets be realistic, SPY has massive downside to it. Just massive. Let's see the route it takes to get there and when.. but it has massive downside.
Full disclosure, I am not a day trader. God bless those people thinking they can day trade and make it worth while. My positions are usually for 2 weeks or more with a few exceptions, like an obvious earnings play sometimes but 99% of my positions are for two weeks or more or when it reaches my goal.
Comment:
Good luck everyone! I am curious to see if we do break the box to the downside this week or we hang out and I would like to see us close towards the bottom of it, if not at the bottom. Let's see how the week plays out...