With today’s selloff, especially with so many individual stocks & ETF’s experiencing mini-crashes around the open today, the chart have become quite muddled. Numerous short trade ideas on the site have exceeded one or more profit targets and with trying to manage trades in numerous accounts, I’ll have to update the trade ideas as soon as I get a chance. As there are quite a few trade ideas to update, including a some that were recently stopped out, email notifications will not be sent as those trades are updated unless they are time sensitive.
My intermediate term outlook remains bearish and in the very near-term, I still expect a bounce following the over-reaction and mini-crash at the open. I used the weakness in both pre-market & immediately following the open to close out more short positions and accumulate some more longs, which I still only plan to trade for a very quick bounce. I’ve yet to determine my exact price target for the bounce-long trades but will communicate on thoughts on those asap. As of now, I am trailing stops up on the longs taken today & before the close on Friday.
Once the dust begins to settle, I will also share my thoughts on some objective levels to add back short exposure but again, the charts are just a mess right now so I’d prefer to let the markets calm down a bit before deciding what to do next. Again, trade ideas will be updated asap with email notification only to be sent on time sensitive trade updates or new trade ideas.
Best of luck on your trades and if you’re not sure what to do at this point, cash is probably the best place to be.