Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Markets Look To Be In A Consolidation Phase

Published 02/10/2016, 03:45 AM
Updated 07/09/2023, 06:31 AM

"If you want to achieve greatness stop asking for permission." Anonymous

We started off with some weakness, then saw strength, then weakness, where real-time members and I covered our Facebook Inc (O:FB) and Alphabet Inc (O:GOOGL) shorts for very nice quick gains.

Now, we see if a bounce can develop or if we just setup for lower again but I’m in swing trading, or shorter term trading, mode since that’s what the market is giving us right now.

SPY Daily Chart

SPDR S&P 500 (N:SPY) needs to move above 187.50 and then we may get a nice bounce to 192.50.

The more this year plays out the more it looks like we may be in for a deeper correction but it won’t be straight down.

With some fresh snow around finally, and after booking some nice gains on the short side

I’m going to take tomorrow off and do some skiing so there will not be a report or blog tomorrow evening.

I’ll be looking for some swing long trades likely over the next few days, or maybe, we just setup here for another leg lower as we work off the near oversold condition we have now.

Either way, sometimes after some nice gains, I like to reward myself with a fun day off, isn’t that why we do this to begin with?

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.