Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Downtrend Resumes

Published 02/07/2016, 03:52 AM
Updated 07/09/2023, 06:31 AM

“We become what we think about.” – Earl Nightingale

We saw some nice weakness Friday after mixed action all week and while I booked several small losses during the weak my Alphabet Inc (O:GOOGL)and Facebook Inc (O:FB) shorts are paying for those losses and more.

I usually have a much better win/loss ratio than this past week but still, subscribers and I are making good money with only a few winners.

It just goes to show the importance of keeping losses small.

It’s fine to be wrong, but it’s is not fine to stay wrong.

SPY Daily Chart

SPDR S&P 500 (N:SPY) is trying to break once again by breaking below the uptrend channel, which is generally a bearish pattern.

Now I’m looking for a release below 187.50 which would target the next support area at 181.

Have a wonderful weekend.

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.