Markets Look To Be In A Consolidation Phase
Warren Bevan | Feb 10, 2016 03:45AM ET
"If you want to achieve greatness stop asking for permission." Anonymous
We started off with some weakness, then saw strength, then weakness, where real-time members and I covered our Facebook Inc (O:FB) and Alphabet Inc (O:GOOGL) shorts for very nice quick gains.
Now, we see if a bounce can develop or if we just setup for lower again but I’m in swing trading, or shorter term trading, mode since that’s what the market is giving us right now.
SPDR S&P 500 (N:SPY) needs to move above 187.50 and then we may get a nice bounce to 192.50.
The more this year plays out the more it looks like we may be in for a deeper correction but it won’t be straight down.
With some fresh snow around finally, and after booking some nice gains on the short side
I’m going to take tomorrow off and do some skiing so there will not be a report or blog tomorrow evening.
I’ll be looking for some swing long trades likely over the next few days, or maybe, we just setup here for another leg lower as we work off the near oversold condition we have now.
Either way, sometimes after some nice gains, I like to reward myself with a fun day off, isn’t that why we do this to begin with?
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