Let it Rip Folks! We went live with the SharePlanner Portfolio today – a live account that we show the profits, the losses, where we get in at, and where we get out at – there is nothing to hide! We also take into account our trading commissions and SEC Taxes (not fees – TAXES) into everyone of our trades. We have a Covestor account that we link ourselves up to, so that if you don’t believe us, you can have Covestor provided you with the third party verification, so that you know what we saying is indeed true. We’re not propelled to do this for any other reason but to convince you with legitimate proof that our style and method of trading is worth paying attention to and learning from, and even doing on your own.You can also sign up to receive our day-trade alerts for free by signing up and becoming a member (that is FREE too) and you’ll receive the email alerting you to what I am putting my orders in for. Then you can follow us via Twitter for when we raise our stop-losses and when we get out of our positions.
We shorted QQQQ this afternoon after we saw a nice bit of consolidation form. Initially we were going to go long on the ETF, but when support fell through, we immediately switched course and shorted it instead. That’s right, in this market you have to be flexible enough to change directions when you have to and we did. Our only regret, is that we got out too early! The stock broke down and we were sitting on descent gains.
But if we would have waited, like I’m sure some of you did, we would have made a major profit riding the position into the close. But today’s over with and we made $212 on the trade (after commissions and taxes). You can count on me to be scouring the charts tomorrow to find the next trade setup.
In regards to the general market, it’s that time of the week that we go over what we are seeing from the major indices. The market came out of the gates with a ton of price momentum, but with little volume. Some of that can be accredited to the fact that we are quickly approaching the July 4th weekend, and a lot of your ‘Wall Street Boys’ are already making their way up to the Hamptons – so we expect volume to dismal somewhat. But the entire summer has been this way, and until their is a major catalyst driving this market, I think it is fair to say we probably won’t seen a lot of aggressive buying (or selling) and probably remain channel bound until then.
The S&P seems to be forming the eye-catching head-and-shoulders patter, that is very alarming and could be a precursor to another wave of selling. Either way, we will be prepared to take advantage of it.
Remember – July 3rd the U.S. Markets are closed, so take some time and spend it with your family and friends, grill up a couple of burgers, and don’t forget that the United States still remains the greatest country this world has every known! God Bless You All!
Here’s the NASDAQ and S&P Charts…