The map below pretty much sums up the day. Nothing seemed to work, other than inverse ETFs and Fly’s $BPFH. The selloff was frustrating and came just as many charts were setup, with great bases, ready to head to new highs. But, then again, that is how it has been for the past few months. The year in general has been tough, even for me. I am just barley up for the year and every time I start to gain some traction, mother market taketh away. But, that’s the game.
It’s no surprise that setups have been destroyed, and my long screens are coming up short. Many charts now need time to heal. Even my small bomb screen, which is normally littered with gems, has only a few selections (TXCC & MELA don’t look half bad):
However there are a few names holding up, take for example RenRen $RENN, the stock held up great all day and looks like it wants to head higher. ChessNwine also has some great relative strength plays on his blog, check them out here.
Days like today are tough, but it’s important to keep a clear head in order to be ready for the next trade. We are getting pretty oversold, if we gap lower tomorrow, there will be some pretty good opportunities.
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