Don’t Chase!
Don’t Chase!
UPDATE 9:41am EST: We just plunged below 800 – boy that was fast 🙂
Whatever you do – if you are not in the market already since Friday do not start chasing the tape right here. If we get a counter rip – that is the time to get positioned. Yes, perhaps we don’t get a chance for a reload and we keep sliding from here (which I doubt) – if so we have to remain disciplined and sit it out.
FYI – the RLs are fair game this week – you can talk about them all you want. I also have turned on the Zero-RL, so that you rats can watch the interplay between those two. I’m a bit surprised about the weakness of the signal I’m seeing right now – a minus 1.8 is pretty measly considering this plunge. Which gives me added reason to not chase right here.
UPDATE 10:02am EST: I’m getting popular request for ‘Break On Through [To The Other Side]’ but I won’t play that one until we breach the November 21 low at 741 😉
UPDATE 10:15am EST: A lot of symbols on my watch list are turning the corner – I cannot wait for a decent rip to dip in. However, more significantly XLU has finally breached its triangle:
That is a very bearish signal and supports the wave (5) scenario. I bought this sucker two weeks ago – but if you are not already in there wait for a retest. Perhaps we get one last kiss goodbye before it embarks to my 22 target.