Comments on: Closing Market Wrap for 10-24-18

By: rsotc

rsotc — Thu, 25 Oct 2018 14:05:17 +0000

In reply to natdicarlo. None really. We were extremely oversold at the close yesterday so the snapback today is part of the recent back & forth sharp swings & while it has the potential to morph into a larger, more lasting rally, the markets still have a lot of overhead resistance to contend with.

By: rsotc

rsotc — Thu, 25 Oct 2018 14:00:44 +0000

In reply to sur non. Good point. Actually, I have mentioned that on several occasions in recent videos; the fact that back then, I went from bearish/short to bullish/long expecting a bounce off the 200-day EMA & key uptrend lines while this time I am favoring a break below those levels to trigger a deeper correction. 200-day is now overhead as resistance.

By: sur non

sur non — Thu, 25 Oct 2018 05:46:42 +0000

Randy, that was a great summation. (You saw it coming months in advance.) One thing you did not mention in your wrap up is that the during double bottom of Feb. and Apr. of early this year – both lows bounced off the 200 day moving avg. (You have intimated that resistance levels are more important to you than moving averages as indicators.) This time, price sliced right through the 200 day. That says to me that the former double tap was a correction and this… is something different.

By: jeannel

jeannel — Wed, 24 Oct 2018 21:56:05 +0000

In reply to Russ. NICE man ,,or woman .. i like

By: natdicarlo

natdicarlo — Wed, 24 Oct 2018 21:54:31 +0000

Thanks Randy. Any new thoughts with the after hours ramp?

By: Russ

Russ — Wed, 24 Oct 2018 21:30:58 +0000

Hearing you talk about not holding shorts for too long reminded me of Livermore’s quote:

” One of the most helpful things that anybody can learn is to give up trying to catch the last eighth-or the first. These two are the most expensive eighths in the world.”

By: jeannel

jeannel — Wed, 24 Oct 2018 21:15:29 +0000

I will no longer be a daytrader in this market . Reversing to a swing trader. Lost out on too many overnite profits waiting for earnings. But had to waite to see the Q's reaction to earnings tonite . Randy from listening to your wrapup Im hearing this is (in your opinion) A possible start of the (WTF) moment. Awsome read !!!