Hello Everyone,
Quick Note: The major indices all closed higher today led by the small caps (IWM). The SPX session started with an upside gap (point of recognition) which remained intact after an early pullback and then the index worked higher into the afternoon. Tonight, I have added a new chart showing the alternative count and along with a Fib extensive target along with the open gap I pointed out prior to the rally starting. After such a move, it's going to be interesting to check on some of the sentiment gauges now (they were deeply bearish at the lows). Most importantly, make sure you are executing upon YOUR PLAN and trailing up stops in accordance with that plan.
Continue to monitor the various inverse ETF's as hedge candidates with a valid trigger.
Note: Several previous ideas on watchlist remain valid but simply have not yet triggered so continue to re-examine each night. Consider making a fresh top 10-12 setups each night and put on front page along with existing trades. My advice is to keep your total ideas to a manageable number. Lastly, it's best to wait at times for valid setups to form - sometimes less is more. Big moves tend to occur first and last hour and overnight sessions.
Please take a moment to look at the trade ideas.
