While today doesn’t scream bottom, I opted to pick up some shares of QLD near the close for the following reasons:
- Yesterday’s downside volume reeks of capitulation on some scale.
- Many positive divergences on multiple timeframes, including on the RSI below.
- Ability to reclaim it’s 200dma after today’s opening sell off.
- It was a hard trade to actually make when it came to clicking “buy”…. sometimes those are very profitable .
- Finally, I played the down move so well that my head was in a different place right now. I was able to respond rather than react to the market.
