What a B-E-A-UTIFUL DAY! Last night I went chart-drunk and posted all of the sector charts – and every last one had bearish signals coming in to today. I understand what I do may seem foreign, but I know that if you analyze price correctly you will always be trading directionally in the proper direction based off of actionable signals. As we took out yesterday’s lows in the SPY, we then took out last weeks lows. Additionally, we have time frame continuity to the downside in ALL SECTORS (trading lower than we opened on all major time frames). All of these was a recipe for destruction. Thanks Obama!
I did cover all of my day-trade short positions by the close, and only remain long TWTR via long term calls. Here is the list of signals I posted last night on Stocktwits/Twitter:
XRT Retail – Reversal-Setup on the Daily Chart
IBB Biotech – Daily Shooting Star
XLI Industrials & IYT Transports – inside week and down
SPY – Outside Day (Confirmation today triggered reversal-setup on the Weekly Chart)
XLE – Inside day and down on Wednesday (triggers reversal-setup on Weekly Chart).
FAS – Bearish Engulfing Day (triggers reversal-setup on Weekly Chart).
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