Tuesday, March 08, 2022 10:11:47 AM
Update on my SPY daily chart. SPY hit and then bounced off of 2nd support in late Jan. Then it formed a double top at the 38% Fib level before starting to drop again. After making sharp bounce off 3rd support, prices rebounded for several days, until a couple of days ago.
M65 hit MD Feb 25th, which is never a good sign. The last time daily M65 was in MD was the 1Q crash of 2020.
If prices do go under 3rd support again, and I expect them to, I will be selling my remaining 40% of holdings. If this develops into a full 2000/2008 type pull back, I see lots of reasons that a pb greater than 50% would be on the table. There are took many traders now like me willing to pull everything out of the market. The number of B&H investors left is only a hand full.
As the market drops, just as before there are always dead cat bounces that can be played short term. That is what I am figuring out how I want to play now. Crazy to be planning to short term trade an IRA account.
M65 hit MD Feb 25th, which is never a good sign. The last time daily M65 was in MD was the 1Q crash of 2020.
If prices do go under 3rd support again, and I expect them to, I will be selling my remaining 40% of holdings. If this develops into a full 2000/2008 type pull back, I see lots of reasons that a pb greater than 50% would be on the table. There are took many traders now like me willing to pull everything out of the market. The number of B&H investors left is only a hand full.
As the market drops, just as before there are always dead cat bounces that can be played short term. That is what I am figuring out how I want to play now. Crazy to be planning to short term trade an IRA account.
Trade the Charts and not the Heart - Expect the trend to
continue until it doesn't - Realtime is the real deal
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