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My weekend report was extremely detailed as to what I feel we are seeing. I am going to try to keep todays report a bit more simple, since we have only had 1 trading day since that weekend report. The Theme Picture? What are we looking for, and for some more conservative traders, what are we waiting for...
SPX #1 - Please read the chart. Using cycles, the safer add point is after confirmation since volatility has been so high ( in the blue circle).
Read MoreIn the recent bull run higher for the General Markets, I advised almost daily using a trailing stop to lock in gains just in case we saw a deeper drop. A deeper drop to an ICL could cost you weeks of gains, a stop would lock in your gains. The goose that laid the golden eggs in the General Markets seems to have been sold on auction (for now). Gains from November forward wiped out in just a couple of days. Let's take a look and see what the markets did this week. This report also takes an intense look at the Precious metals market, and I am encouraged by what I have put together!
NASDAQ from my last report - The markets could drop to the 200sma as they have done in the past.
I pointed out that prior ICLs had done just that, sometimes even breaking that level.
In a report last week, I mentioned that way too many people were diving back in, it seemed too easy for the Bulls to just quickly 'Buy The Dip' again, so We should expect some volatility.
NASDAQ - 1. Importance of the stop - Notice that all gains from November to now would be taken back without a stop. 2. After such a plunge, Many want to buy the ICL at lows and ride it back up ( I totally get that, I buy reversal candles too). 3. If it rockets up in a V-Bottom, the gains can be very strong quickly, but often for most I advise waiting for a swing low for those looking for 'safe' & less sleepless night investing. Understandably, many tried to buy that 1st reversal despite risk. It failed. Now we have a 2nd reversal, and many were buying that one on Friday too. Again, I often enter on reversals too, but it is higher risk. That said, let's just discuss this so we understand what we are looking at...
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