Act of Revenge That Puts ‘Kill Bill’ to Shame
Booyah baby! I’m off the bench and back in this market on the short side.
Pardon? What happened to the 5 day punishment it has barely been three trading days?
What would make me spring from off the sidelines and into the stock market today?
Why the stock market itself of course.
Today was a magnificent sell off in close proximity to trend channel resistance. The sell off was so severe that market club has downgraded the Dow, NASDAQ, and S&P 500 to a strong downtrend rating. Conversely, most short ETFs were upgraded to strong uptrends.
I’m taking another go at the Ultra-short Consumer Services ETF (SCC). In the previous week I suffered an 8.5% thrashing by not respecting the swing trade range and buying at the lower end of the swing. I chased SCC on the Burial Cross which proved to be a critical mistake.
I sense that my entry is a lot better this time. I have been schooled with a agonizing lesson about chasing SCC.
In this episode, I do technical analysis on the NASDAQ and SCC using an incredible tool. I give you my downside target for the Nasdaq and my upside target for SCC.
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