Don't pay dollar to keep 2 cents when wrong. Cut your losses quickly. Trade what you see, not what you think.
Joined Oct 26, 2011
719 Blog Posts

Alert! The BEAR has broken through MAJOR SUPPORT

Take a look at the $SPY daily chart below.


Market opened below the Giant Wall One support and that to me was a big red flag for the bull.  It’s going to take a LOT more effort to climb back up to take out the resistance of this Giant Wall One which was once a support.

Needless to day, I placed all my swing order trades to sell at open using market order.  There was no if or but or “wait to if there is a bounce” type of mental digression.  All were for small losses except for $FB which I still had a healthy gain.  When a bad payroll data came out and market tanked like this before market open, I like to stand aside with more cash and see what happen next.  I do not like to watch with my cash at risk.

The way I see it, all mini-rallies are shortable.  I’ll be looking for short as a day-trade.

Holding only my position trades LRAD, AMRN, TINY and 67% cash.

Be safe!

My 2 cents.

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  1. Mr Peanut

    MAJOR Support!? Hardly.

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