************** MKT OUTLOOK *********************
well, spx 500 is holding abv 200 day ema.. at the current moment, im not sure where we are going, but I'm siding on bullish since we have seen this "sign of strength" with the recovery on friday.
should we buy??
i think we should.. BUT ONLY if you have a sell exit strategy.. I would leave some room below your entry to account for any "sizable penetration to the downside to the downside..(so it won't trigger your exit prematurely)"
for stocks, i would find stocks basing near 50 day ema or hitting bottom trendline channel. for example SGP has a long-term uptrend channel that it bounced from. yesterday, i played it from 94.xxx to 96.. it was a good reversal..
======
this is truly bottom fishing, and I, myself, am new to this method. Before, I would wait for momentum to signal "uptrend confirmed", but I find myself buying some distance from the bottom.. So, now, I have incorporated this method.
I'm looking to buy to daytrade (as i did on friday), and also leaving some shares at the bottom and let it sit (as long my exit doesn't get hit).. Thus, when the mkt starts recovering, my buy entry point would be excellent.
=======
I have several scenarios already planned. last week, we talked about bear mkt mutual funds.. i am ready to switch in if the sp500 200 day ema breaks.
=======
******* TGT DATES ********
ADVANCED GET SOFTWARE is giving me 9/2/98 (+/-3 days) as a turning date. Direction of the move is unknown... however, I'm siding on to the upside.
So, NOW is the time to start planning your trades.. start nibbling to get "advantageous buy spots".
I have to go now. |
