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As traders, we often become frustrated after putting in the necessary work to identify high probability setups, only to see the market not accommodate us by following through and hitting our price triggers. Today was a pretty good example of that phenomenon, as there were quite a few enticing setups walking into this week. However, an exogenous event like the Standard & Poor’s downgrade threw a wet blanket on those setups, at least for today.
Looking over how many of those setups fared, I think you will find that the selling was not quite as damaging as it seemed this morning. Indeed, most of those trading ideas that I pointed out to 12631 members yesterday (Don’t forget, Free Trial All This Week to 12631 for PPT Members Only) saw no heavy selling volume today, and their favorable chart patterns are still intact.
While today may have been a good day to take a wait-and-see approach and hold off on making aggressive buys, considering most of those setups held up exceptionally well, I think we come back tomorrow and look for the bulls to take another shot at those trades. With the 1300 level on the S&P 500 holding true, the bulls have at least earned a mulligan.
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The chemicals you put up the other night hung in there as well. Watching those closely
Good call.
Love Love Love PPT / 12631
😉
Your LULU idea broke out into blue sky territory yesterday, too:)
It is a monster.
Nice work. Im with you on UA and RHT.
SWI reports in 1 week. Keep in mind that you should double check your buys against earning release dates. Nothing more fun than buying a new toy only to have it explode in your face.
Check out RAX, SOHU & IL as well.
Cool. Thanks.
oh like OPEN too 😉