We may be going down impulsively here today or Monday if the top is in on SPX.  If we do, we will get that famed oversold bounce Matt keeps beating in to me! (I hear and obey....).  So, on the bounce, it seems to me it would be a smart place to close the SPY trade.  I.e., on the bounce use a 15, 30 or 60 min chart (preference Matt?) and exit when it gets overbought.  Also, watch the bounce for a clear ABC wave as well as fib retracement levels.

Matt or anybody, care to weigh in?

FRT

if this bounce is a 5-wave up, and assuming 1 went to 1397.80, my stop is now below that.  In SSO terms, 57.52 is my stop.

you read my mind (or my pm!).  Thanks -

he's just making a joke.  Gold at 1618, exactly 1000 times the 1.618 fib number.

Okay - I'll pm you guys about how to trail a stop effectively.  For now I've moved it to 57.15, just below the low of the day.

right - I shorted yesterday's bounce using SSO and covered at 57.35 today.  I'm actually long w/ a pretty small SSO position from 57.25, stop at 57.  To my untrained eye, I can see (or imagine?) a 5-wave structure off the high at SPX 1422.

Steve, do you view this last marginal new low at 1:30 p.m. as a possible 5th wave (on a 15 min chart)?  I am clinging tightly to your mantra about waiting for an oversold bounce, and am wondering how you view the decline so far, i.e. in terms of a wave count.  

FRT

matches up w/ R2 as well.

no pos divergence on the MACD either.  waiting....

closed the second 1/2 of the GLUU trade at 4.73.  looks like it's headed down, at least short term.

bounced right off the 50 ma. went long w/ a tight stop.  Looking for a divergent high for exit.

Thanks, I'll take a look.

Which book?  High Probability ETF Trading?

Thx,

FRT

on Needham's analyst rating initiation of the stock with a strong buy. Target $8.

My Fidelity chart (and Yahoo.finance too) show the intraday high on Jan 27 as 53.05.  just fyi.

at the moment ARIA is sitting right on the 20 and the 50 ma's.  maybe a stop below those.  just a thought.

gypsum, primarily.

thanks - 

Steve or Matt, with USO having filled the gap and bouncing, do you view this as a potential long?  What would you look for as a trigger?  Or is the gap fill and bounce itself a trigger?

Matt or Steve, is it relevant that this morning gold hit exactly a 61.8% retrace of the up move off Wednesday's bottom, and is currently bouncing up?  I.e., wave A bottom in place?