you mean time frames are important?

KCD, not sure you have been following all the threads here…..as with most of us the decision to be bearish or bullish depends a lot on the time frame in question…..

Thanks Randy. I think the remaining three days is very important. How big red candlestick will this month have. Enjoy your day!

All this bear market talk now swings to R/R on the long side being above average? You have been a bear for months … six months at least … my preferred scenarios is this is nothing but a bear market rally? All that vanished today?

No, I am not planning to modify those stops. Both AAPL & INTC are trading above support in pre-market & above the suggested stops and they “should” start to rally soon if those trades are going to pan out. I’m not crazy about the drop in the futures last night with those supports on the indexes being taken out and as such, I don’t see a reason to give those two trades any more room as I already used pretty liberal stops (to allow for a brief overshoot of support) to begin with.

The way I see it is that stepping in to buy here or on a little more downside to those next supports with both QQQ & SPY poised to gap down below the recent lows is certainly an aggressive move but as an aggressive trader, I like it. Fewer things in trading are more bullish than a failed breakdown, especially of a well-watched support level. I have little doubt that all eyes are on those recent lows in SPY & QQQ so if the market can snap back up above 178 & 282 with conviction, that is likely to trigger a short-covering rally as well as bargain hunter longs that have been on the sidelines stepping in to buy as well. As such, a reversal, if we get one, could be very swift & strong. It’s all about R/R and so the upside potential far outweighs the downside risk if stopped out but that is also countered by the fact that the markets have broken below & are still trading below support & as such, the chances of longs taking here being stopped out are above average.