The market sold off hard today, and by hard, I mean like "day-after-Brexit-vote" hard.
The financial news will tell you it was because of renewed interest rate hike possibilities for September's meeting. But the story is really in the technicals.
You see, the market was in a tight trading range for the better part of the last two months - in fact it was a historically tight range and the tightest we've seen since 1928. When that kind of price action happens, there is always going to be a big move that follows, and finally today that big move happened, and it was to the downside.
I have been preparing for this move over the past week, by lining up my portfolio with a handful of short positions. Today those short positions played out nicely.
Here is what I came in with today with and how well each trade did. A start by the symbol means I closed that position out.
For a day that saw a market decline of nearly -2.5%, I am standing at the end of the day with a solid profit in hand. My two long positions, when matters started to get ugly, led me to tighten the stop-losses on them and get out early on, while letting my winners continue to increase in value.
That is the essence of trading my friends! Keeping the losers small and letting the winners run wild...and I do all of this live in the SharePlanner Splash Zone.
I am one of the only, if not the only, service that provides a full track record and disclosure of every single trade that I have ever made in the Splash Zone. Years and years worth of data that you can check out for yourself by going to my past performance page.
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