Downtrend Resumes
Warren Bevan | Feb 07, 2016 03:52AM ET
“We become what we think about.” – Earl Nightingale
We saw some nice weakness Friday after mixed action all week and while I booked several small losses during the weak my Alphabet Inc (O:GOOGL)and Facebook Inc (O:FB) shorts are paying for those losses and more.
I usually have a much better win/loss ratio than this past week but still, subscribers and I are making good money with only a few winners.
It just goes to show the importance of keeping losses small.
It’s fine to be wrong, but it’s is not fine to stay wrong.
SPDR S&P 500 (N:SPY) is trying to break once again by breaking below the uptrend channel, which is generally a bearish pattern.
Now I’m looking for a release below 187.50 which would target the next support area at 181.
Have a wonderful weekend.
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