By: Scott Redler
Yesterday’s mid-afternoon Selling spree hurt. What hurts even more is seeing the S&P up 13 handles above where I had all my size! This is the market, and I have to deal with it like the rest you. You either need to be perfect and quick, or have expanded time frames. If you are caught in the middle like I sometimes trade, days like yesterday are hard to handle.
Anyway as long as we stay above 1056 on the S&P, the better the odds at some point we will break the downtrend. If we break below 1056 then yesterday’s high of 1089 could be another “lower high” in the series of this downtrend.
I apologize for getting a bit over excited without the confirmation of the downtrend break. So you can either make “extra” for being early, or get hurt anticipating a pattern that doesn’t trigger.
Today we have mixed earnings as the “Have” and “Have Not” earning season continues. What seems to be consistent is that they keep selling off even the good earnings where none seem to close on highs of the day.
