After a dismal start to the Futures market this morning the market opened down over one hundred points. However by the end of the day, the market was able to recoup all but 50 points in the Dow, fifteen in the NASDAQ and seven and a half in the S&P. The all important 1500 range (more specifically 1490) in the S&P continues to hold as a late day rally by the bulls was able to stave off a break in support. Citigroup continues to be the problem child in the market providing doubt in the ability of the market to continue with the current long-term trend in the market.
The Dow is hovering around the 13.4k mark and it will be imperative for it to close above that level tomorrow. Should that not happen, our stops will be dramatically tightened. The NASDAQ is in much better shapes as it is about 100 points off of the near-term support levels at 2700. It also bounced off of its current trendline on light volume which is also a good sign to point to. The S&P must hold the 1490 level tomorrow.
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Emotional trading will destroy one’s portfolio. Aiming to hit home runs with every trade is a sure sign that the trader is overly emotional and only cares about fast money. In this podcast episode Ryan explains how chasing after stocks like MicroStrategy (MSTR) without a plan for managing the risk can ultimately ruin a trader’s attempt at being a successful swing-trader.
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