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

Can someone pump some air into the ball please?

The bounce was quite firm in the morning until the air started to leak.

Good grief.

Take a look at the SPY hourly chart below:


Did you see how the early morning bounce hit the top of the long-term uptrend line and dropped like a bowling ball from there?  Did you notice the steep of the drop?

It is not very inspiring for a bounce even though Dow Jones is still trading a positive 60+ points.

Look at the daily SPY chart below:


Today bar is trading near the bottom of yesterday bar; again, it is not heart-warming at all.   It looks like your significant other is ready to leave you high and dry…

My cash level is now 52%.

Caution is warranted here.

Just my 2 cents.

Trade well!

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