$SPX - again bounced right off the
trendline support I showed last night
SPY - the 5 min SPY with VIX bollinger
bands was outside the BB this morning, and that generally produces
a bounce and then the Elder Impulse turned blue. Now the VIX
is testing the middle bollinger band, so watch to see if it breaks
through that or bounces off, going through it will extend the
bounce
yes davmer, the market will eventually pullback nicely, however
just play the trend. Forget playing the market and the
indexes, play individual stocks, it's a lot easier and more fun and
more profitable. It doesn't mean that you go out and go wild,
trade long on margin, etc, buy good setups, Always use stops, and
take profits along the way. There will come a day when the
market reverses and you get stopped out of the longs you are
trading at that time, but it shouldn't matter if you have been
playing the uptrend for the last month, taking some minor losses at
the end of a trend, as long as you caught 80 - 90% of the trend.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
SPX comments
Posted by matt on 24th of Jan 2012 at 10:47 am
$SPX - again bounced right off the trendline support I showed last night
SPY - the 5 min SPY with VIX bollinger bands was outside the BB this morning, and that generally produces a bounce and then the Elder Impulse turned blue. Now the VIX is testing the middle bollinger band, so watch to see if it breaks through that or bounces off, going through it will extend the bounce
BBs really tight on the
Posted by pebs on 24th of Jan 2012 at 12:51 pm
BBs really tight on the 5 min $VIX.
will we ever get a decent pull back... every small pull back seems to be bought.
Posted by davmer on 24th of Jan 2012 at 11:01 am
yes davmer, the market will
Posted by matt on 24th of Jan 2012 at 11:29 am
yes davmer, the market will eventually pullback nicely, however just play the trend. Forget playing the market and the indexes, play individual stocks, it's a lot easier and more fun and more profitable. It doesn't mean that you go out and go wild, trade long on margin, etc, buy good setups, Always use stops, and take profits along the way. There will come a day when the market reverses and you get stopped out of the longs you are trading at that time, but it shouldn't matter if you have been playing the uptrend for the last month, taking some minor losses at the end of a trend, as long as you caught 80 - 90% of the trend.