apparently the bad fundamentals are taking a toll on the market and the shorter-term (60 minute) bullish patterns have succumbed to the longer-term bearish technical picture. athough most of the recent longs did hit their early targets, providing the opportunity for some lucrative quick hit-n-run, counter-trend trades. many of those trades have since been stopped out as per the suggested criteria. i’ve been working on re-categorizing many of the active and complete trades into the new sub-categories today and i will be leaving town this afternoon, returning tomorrow evening so unless something major happens by the close today, there will not be any new posts made after the market closes today.
i continue to urge caution in this market and i still favor taking quick profits (early targets) and staying disciplined with your stops. my longer-term bias remains bearish but i still believe that the near-term technical picture is not clear enough to warrant trading any one side (long or short) aggressively at this point. as bearish as the price action has been for the last two trading sessions, the primary indices are not far above pretty decent support levels so i don’t believe that the R/R for entering new short positions here is very favorable.