It seems my little Posse that is forming is doing quite well in their trading. Since we are on the internet I have no idea what my Posse looks like, so I hope it is not as motley as this crew above! This is FANTASTIC NEWS. The whole reason I bother with this, is to help others succeed. Congratulations to all of you. From some of the emails I have gotten some of you are doing very well in your trading. Since many of the trades that have worked out seem to be ones that I have talked about setups in, that makes me feel even better.
Here is one market I am watching for 2 trades. First, I am looking to enter this on the short side here for a ride down into the seasonal low at the beginning of September. After that I will be looking for a long entry to try and take advantage of the seasonal rally that typically happens. As per what I always say, I have no idea if this will happen or not, but it is my plan. I do not have any orders in for today in this market.
Here is another market I have been stalking, Sugar. I do have orders in for today to short this, but it does not appear we are going down to where they are sitting. I will stay after this one. This is setup pretty well now so it is a must look for me each day to find a way in here. For those who might be bullish, you could certainly justify this as a pullback buy on the weekly chart as well. It takes two to tango, and two to make a market so choose your poison. I am looking down here.
Here we have of course the artist formerly known as the Bernanke 500 which has reverted back to it's former identity, the S & P 500. It remains to be seen how long it sticks with this name before Comrade Ben intervenes. We are seeing the bounce I have been talking about. Aside from missing the start of that by one day, my calls here have been pretty much dead on. Trading times like this are another matter entirely just due to the huge ranges and the very large stops that are required. Now we are back up enough where we have to contemplate the flag entry. This is a retracement in a downtrend, whether or not it goes farther than this we never know. However, when you get retracements in trends, they are generally the best trades to look to get into. You have the wind at your back in these.
When you get these huge moves, trading the retracements is a bit tougher, but just look at them as any other trade. This one could very well require two swings. It would not surprise me for this pullback to be a bit complex, but that is just an opinion and not based on anything technical. Technically, we are in sell the pullback mode.
Good Trading to everyone and have a nice weekend