Fantastic Sell Side Trading In The Market That Made For A Big Day!

Okay gang, welcome back! Hopefully each and every one of you each day is watching, even our weekend videos that we get ready each week to prepare for the next week.  If you guys watch that what you saw was a real opportunity to get an inside look into where I was going for today’s trading session.  You can see that video here for April 7th the weekend video titled ‘Awesome Trading Moves’.  Let’s just recap what we were looking for at a high level.

The Euro, the Gold, the Crude Oil, we mentioned that those were in tight ranges so unless they got at a certain ranges we weren’t going to be interested in them, they never did so we didn’t have to screw around with them today.  As far as Soybeans, I mentioned this very important long term resistance here.  We pulled away from that resistance today and we continue to have that negative divergence so right now the focal point is to the sell side.  However, none of that was worth a hill of beans from my perspective compared to these awesome stock index futures.  And you recall in the weekend video I told you I was going to be very aggressive to the short side.  In fact, I single handedly did more contracts today in my trading between the live trading room and everything.  I single handedly did more contracts today than I have done in the last several weeks.  Just a fantastic session here!

We went ahead and we were looking that there might be a dead cat bounce but we saw that they were breaking down through my rising support here.  Remember the next target was down to there?  We’ve been pointing that out for weeks.  Go back and check out all the videos gang, you’ll see what happened was we couldn’t hold the center point on the S&P and the NASDAQ, none of this was holding.  The 20 period moving average on the DOW, none of it was holding.  We were just moving ahead and looking for the freefall.  Focus was very aggressively on short side trades this morning and rightfully so.

When all is said and done here, great stuff! Going into tomorrow it’s going it’s going to be a similar situation.  We’re due for a dead cat bounce.  We’ve hit some relative lows that we haven’t touched for quite a while.  Particularly on things like the Russell and the NASDAQ.  Once again, we expect a dead cat bounce just like we did today.  But if it starts to push down I’m going to be an aggressive seller just like I was today.  It’s the same song just different theme here.  We’re going to go ahead and be looking at that again tomorrow.  Again, watch for short term bounces, I’m not going to be using those as long side opportunities, I’ll be looking for those at this moment because we’ve got a lot of overhead resistance coming down on top of us.  If we do get a small little bump to the upside, if I can’t get a short off I’ll back off until I can find a fresh short.  I don’t want to go ahead and be truly looking for longs here and catching the falling knife.  If you’ve been doing that the past couple of days, you got your hands cut pretty good.  Like I said, at this point I will continue to focus on short side trades at this time.  That’s going to be the strategy going into tomorrow even if we do get a small pop up there.  Just be using the pop ups as shorting opportunities.

You guys have a great night, looking forward to seeing each and every one of you in the live trading room tomorrow morning or in tomorrow night’s videos! Take care everyone.

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