In this video, we discuss the crazy rip higher we had starting on Monday morning and try to figure out where it may go from here. Only a few days again, we took out the low of the year for the second time and it looked like we were really going lower, only to get a face ripping rally. Is the downside over and how can we tell?
In this video, we discuss the crazy rip higher we had starting on Monday morning and try to figure out where it may go from here. Only a few days again, we took out the low of the year for the second time and it looked like we were really going lower, only to get a face ripping rally. Is the “bottom in”? Is the downside over and how can we tell? We discuss upcoming events that will give us clues and also look at an “end of day” trade for a profit today.
Earlier this week we were looking higher to these levels, so now the question is of course… What next? Well, it just so happens I think I have an answer, or at the very least, a plan consisting of “If, Then, That”. Don’t worry, I’ll explain what all of this means in tonight’s mid-week market update.
Take a look at how Joe read the current trend, his prediction for what’s ahead, and how he plans to set up his long term trades.
Tesla has been taking a beating since reporting quarterly deliveries, but I don’t think we make new lows before earnings. Let’s annotate the chart and look at a particular strategy rather than a directional assumption.
About +18 million late prints appeared on the SPY & this is how we traded it.
The late prints may have just put in the short term bottom we need in order to get short.
OPEC is up next, and with the crude oil market pricing in a 2m barrel per day decrease in output (think less supply) crude oil triggered a regression to the mean on the daily while simultaneously setting up a great daytrade. Let’s manage the short and long term in crude as I explain how I am trading both.