Originally Posted by petegz28:
Seeing a big bounce on Friday and today makes me a bit nervous. Volatility is coming back into the market. Levels are uneven across the board. Tech stocks were oversold for panic reasons if you ask me so maybe some recognition of that is coming into the market today.
Originally Posted by lewdog:
NASDAQ hit 10% correction territory yesterday and bounced back up. Still choppy and one green day doesn’t mean we’re ready to go back up. These long tails on candles get you stopped out when trying to trade using stops. But not using stops is just gambling.
I’m taking quick trades and only 20% invested max for trading. I got in MS today at 105 as it attempts to break a 5 month base. Oil was popping but I missed entry. Look for stocks with longer sideways bases and enter on breakout. Trying to time reversals right now hasn’t worked as many of those patterns just keep going red.
FFIV also on radar.
I’ll scan for setups tonight if this green holds.
Does LCID fit your pattern?
Energy sector seems decent throughout this rough market. [Reply]
Originally Posted by neech:
Does LCID fit your pattern?
Energy sector seems decent throughout this rough market.
You'd have wanted to get in LCID using a buy stop market order at the high of 1-7 or 1-10 as it moved upwards today. If you bought in right now, your technical stop would be around 10%, which is too much risk given current market conditions. [Reply]
Here’s some setups I’m adding to my watchlist. I’m only trading if the market continues to look green and these confirm. That may happen any time this week but if it doesn’t happen, I don’t force any trades. Currently I will only enter positions with 5% stops or less given how tough the market has been to open the year. Many times after initiating a position, I set my stop to the low of the current day or the day prior, so I'm not using technical stops per say as I'd like to be more conservative currently and have smaller losses if I'm losing and positions move against me.
Super performance is achieved by keeping losses small and preserving capital. I was reading about a professional trader who had 90% gains last year, in what was a tough trading year. He achieved most of those gains in about 6 total weeks, mostly all at the start of the year. [Reply]
Hard reversal from the open just hot in the last 30 min. Could be filling the gap from the open but not liking the price action. Especially in the QQQs. [Reply]
Originally Posted by Buehler445:
Goddamn rain man. I looked at XOM which I had earlier. Guess I should have hung onto it. That’s a hell of a run since the first of the year.
It seems to me that there are a few factors that are helping oil this year.
1. They've been beaten down for about three years. (Ask me how I know that.) So they're cheap compared to other sectors. As money moves out of growth stocks, it's got to go somewhere.
2. The economic recovery is continuing, which is good for oil.
3. Apparently dividend stocks are seen as good hedges on inflation.
The only headwind is the move toward renewable energy, but that's a known thing and is built into pricing, I bet. [Reply]
For those using TC2000 for screening & analysis, just curious which plan you are on? Is their gold plan pretty much required to get any value out of it? [Reply]
Originally Posted by myselff77:
For those using TC2000 for screening & analysis, just curious which plan you are on? Is their gold plan pretty much required to get any value out of it?
I think the lowest package you can have is the gold plan for $29.99 a month? [Reply]
Market appears to have rolled over this morning which I was afraid of. The last 3 days were too obvious. We could be in for another run to the downside.
FTR I am looking at the following levels for immediate-term support
QQQ - $379ish
SPY - $467ish
We go below those and bad things man, bad things [Reply]
