Thursday, July 29, 2010

The Art Of Trading Members Got This Email This Morning

Sent this email to my members when the DOW was up 55 points and Nasdaq up 15: The whole rally just did not look or feel right. Chasing it would have been a big mistake.

"hey guys,

Please be careful chasing new longs here. Relax and be patient. We need to pullback here and need a breather soon. Also, be careful taking my setups i emailed you this morning. They all gapped up and like i tell you guys, do not chase GAP UPS. This is one of the criteria in playing these setups and it is to NOT chase gaps.

Having said all that, do not be surprised if we close lower on the indexes. I am seeing too much weakness under the surface making long positions a little risky."

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