I’m back from my mini-vacation to the Caribbean and I feel rather rejuvenated to take on this market and bring in some solid returns between now and the end of the year. So let’s have at it. I was only away for two of the trading sessions and the market and its behavior has definitely changed. Last Tuesday’s (9/1) 190-point drop in the Dow opened the door for the bears to take over the market’s direction, but instead failed unbelievably.
One of the things required to being a successful trader is to be able to identify when I am wrong and switch directions when it is necessary. As much as I hate to admit it, the market isn’t ready for the pull back that earlier this month seemed very plausible.
Here’s today’s trade setups:
Long Setups: ALE, CI, CNW, FPL, IBI, TDC
Short Setups: ANR, BG, ENER, SOLF
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In today's episode, I talk about tightening the risk on the trades and the benefits of taking a multi-pronged approach in doing so between profit taking and raising the stops. Also, I cover how how aggressive one should be in adding new swing trading positions and how many open positions that one should have at any given time.
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