Posted by amp43679 on 21st of Jul 2021 at 07:14 am
After earning? Matt, in previous newsletters, you
mentioned that the market would probably hold up until after major
tech earnings. After earnings, maybe a different market. Has your
view changed? I know that you and Steve always mentioned to trade
what is in front of you. And I realize that the market had
been difficult and different to trade and several warning signs
that led to the recent market sell off.
analyze, monitor, and adjust. On the market a couple
things helped it:
1st. First off I've said this 1000 times, when the short term
MA's are pointing straight up (was not on IWM) but everything else,
when you get fast hard corrections they get bought, you don't start
extended downtrends when the MA's have a strong upward slope. Now
what will happen eventually is lower highs and sideways movement
that causes the daily MA's to flatten out, that's when you get your
longer corrections because the MA configs allow it. On this
rally on SPX etc maybe it makes new highs, or maybe it chops around
and forms a lower high. But always that initial BOOM sell off is
bought like Monday's.
2. Earnings does help here, since we got the big sell off day
before a lot of these big cap tech stocks, those may allow it to
hold up more here, again trade your setups and systems - SPY system
did well, McClellan Systems did fine. KISS systems are fine. trade
your plan and time frame and style.
as far as the market now, I have a hard time counting an abc
completed down more of an A down. So we may need to chop around,
even have a pullback that forms a higher low to form wave B. A
lower high and sufficient sideways moves could cause the daily MA's
to flatten out enough to allow for a bigger correction in Aug or
even Sept for example. Again I'll let things develop and react and
trade my strategies
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After earning? Matt, in previous
Posted by amp43679 on 21st of Jul 2021 at 07:14 am
After earning? Matt, in previous newsletters, you mentioned that the market would probably hold up until after major tech earnings. After earnings, maybe a different market. Has your view changed? I know that you and Steve always mentioned to trade what is in front of you. And I realize that the market had been difficult and different to trade and several warning signs that led to the recent market sell off.
analyze, monitor, and adjust. On
Posted by matt on 21st of Jul 2021 at 09:42 am
analyze, monitor, and adjust. On the market a couple things helped it:
1st. First off I've said this 1000 times, when the short term MA's are pointing straight up (was not on IWM) but everything else, when you get fast hard corrections they get bought, you don't start extended downtrends when the MA's have a strong upward slope. Now what will happen eventually is lower highs and sideways movement that causes the daily MA's to flatten out, that's when you get your longer corrections because the MA configs allow it. On this rally on SPX etc maybe it makes new highs, or maybe it chops around and forms a lower high. But always that initial BOOM sell off is bought like Monday's.
2. Earnings does help here, since we got the big sell off day before a lot of these big cap tech stocks, those may allow it to hold up more here, again trade your setups and systems - SPY system did well, McClellan Systems did fine. KISS systems are fine. trade your plan and time frame and style.
as far as the market now, I have a hard time counting an abc completed down more of an A down. So we may need to chop around, even have a pullback that forms a higher low to form wave B. A lower high and sufficient sideways moves could cause the daily MA's to flatten out enough to allow for a bigger correction in Aug or even Sept for example. Again I'll let things develop and react and trade my strategies