No doubt about it, this market has become a full-fledged, Rick James, Super-Freak.
The S&P 500 sells off for three straight weeks, and in one day, with one rally, the S&P 500 wipes out 2/3’s of those losses.
I can’t explain it, I just embrace it. I was short coming into the morning, I am now long. I don’t question it, I won’t mope around, I won’t break a keyboard over it.
Nope! Instead I just accept the market for what it is, and buy stocks as a result.
If you stand around complaining about what the market isn’t doing or what you think it should be doing, then you are likely to see opportunity pass you buy.
Don’t Let It!!!
With that said, this super freak market broke through some key resistance today in terms of the downward channel that had been offering up some solid resistance.
Also, the 5, 10, 20, and 50-day moving averages – ALL CLEARED!!!
SPX is currently 4 points away from breaking the right shoulder of that head and shoulders pattern that had formed over the last two months.
Here’s what I’m talking about.
Welcome to Swing Trading the Stock Market Podcast!
I want you to become a better trader, and you know what? You absolutely can!
Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
#2: Keep the Losses Small
#3: Do #1 & #2 and the profits will take care of themselves.
That’s right, successful swing-trading is about managing the risk, and with Swing Trading the Stock Market podcast, I encourage you to email me (ryan@shareplanner.com) your questions, and there’s a good chance I’ll make a future podcast out of your stock market related question.
In today's episode, I explain whether it is a good idea or not to rapidly increase the size of your portfolio if you come across a sum of cash. A lot of traders will do this without ever recognizing the emotional toll it can have on you as a swing trader and the awful mistakes you can make in doing so.
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.
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