Monday’s are for the sellers.
Once again, for a third straight Monday, we are seeing the bears take control of the stock market and push it lower. Last Monday was horrific for most traders, and today is shaping up to not be as bad, but still pretty bad overall.
I am still short this market, and would like to continue being so into tomorrow at least, but that will all depend on what this market decides to do between now and the time the closing bell rings. Like I said last week, I’m glad we are seeing this selling, it was much needed, and if we can get another 5-10% in downside from the market, it should make for some really nice trade setups going forward.
Because lets face it, the best trades come following a massive sell-off. At its worse, is when the market is trading at all time highs. Right now, I’ll use my short of $SPX to make some profits to the downside, while I wait for the market to provide better long opportunities in the future.
Here’s the bounce watch-list:
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