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With the recent volatility in the markets, we have seen the equity markets sell off, Banking and the XLF were hit hard, Oil & Energy stocks sold down, NATGAS bottomed , and The Miners and Metals have been volatile in their own way. In this environment, we had to try to find a few trades while balancing the risk. There are times that trade set ups are everywhere, yet at other times, like during these choppy volatile markets, it may be best to take it slow, keep position size smaller, and for some it is even best to just wait. This choppy market action eventually sets up the next series of trades.
Despite the choppiness, we still found a few bullish trade set ups and some have already been really rewarding. I want to point out a few more of these trade set ups after we review the market activity for Monday.
SPX - The General markets gapped down and then put in a reversal around the 50sma. You could buy this with a stop below the 50sma, but it is hard to tell if all of the selling is really done without some follow through. The 'safer' buy is still ahead. We'll see what Tuesday brings.
Read MoreThere are times when different markets may look ripe for the taking, but we don't want to fall asleep to the possible warning signs in some market sectors. Lets review the weeks activities...
SPX #1 - The drop on the weekly chart isnt drastic, we've seen similar drop before. If it just continues up from here, we could be witnessing the beginnings of a parabolic type move.
SPX #2 - We do see a trend line break, so the drop can continue lower.
And SPX # 3 ...
Read MoreLOADING * LOADING * LOADING... As we watch various markets lining up or setting up for the next trade, it often reminds me of that dreaded "LOADING" symbol that shows up when you are using a slow internet connection. It seems like it takes forever to 'get connected' to the internet. With trading it can also seem like it takes forever to get things lined up for a low risk trade set up, but patience has its rewards. As the saying goes, "Good things ( including good set ups) come to those that wait."
For our Friday report, we will review how some set ups are playing out well, and others may be setting up now.
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