Monday, June 6, 2011

Turnaround Tuesday?


Choppy as hell out there folks! Believe me, you are much better off NOT doing anything in this type of tape. You will get VERY frustrated. Relax and really focus on finding A+ setups. Would rather see a trader not do any trades for 2-3 days and only take A+ setups, then put on 15-20 C+ trades.

Having said that, i am starting to sense that the selling is starting to 'decelerate'. This could be our first clue that a bounce is starting to brew around these levels right here.

$130 on SPY seems to be holding for now. I am sensing that they (who ever 'THEY' are) are trying to create a bounce off this $SPY 130 area. We might see some choppy, back and forth dancing around today to frustrate everyone BUT i think the rally(if it comes), will start tomorrow, Tuesday.

Turnaround Tuesday..... possibly in play.

Have an open mind and remember in this kind of market: LESS IS ALWAYS MORE!

Happy trading!




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1 comment:

George Rahal said...

Too bad for the bulls that Doji didn't materialize. It looked for a bit like we were going to get a hammer today until the market took its PM dive.

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