An Important Ending To The Week For The Stock Market

Welcome back everyone!  We had a beautiful finish to the week.  We made changes to our Live Trading Room as well so we could account for all the extra trading to come.  With Brexit on the on the horizon, we can expect a lot of volatility in this market.  Friday was just a taste of what is to come.  There is Brexit, Frexit and Spegzit, and Gregzit.  There is so much going on in the world we live in.  We have some serious volatility coming our way.  We will enjoy this ride.  I made some major changes to the live trading room so I could focus more on firing off trade after trade.  That is what I did Friday!  I will continue to do that heading into Monday to take full advantage of everything that is set to come our way.  This summer will be the biggest of them all because of the events set to happen.  Do whatever you have to do to accommodate your schedule so you can get with me for the few hours in the morning.  You cannot miss this volatility!

The strategy from this week was to get through the 50 dollar level, pullback to the speed lines, then take back off.  I wanted it to show me that the 50 dollar level was support.  What did it do?  It failed to hold the speed lines.  We were looking for some shorts.  Even yesterday the NASDAQ was weaker than the other ones.  That gave a huge opportunity to focus on the sells.  My M pattern sells, my stochastics, and the fish hook sells existed yesterday.  We opened up this morning below the speed lines.  That allowed for us to fire away this morning in the Live Trading Room.  That is exactly what I ended up doing myself in the Live Trading Room this morning.

The strategy continues to hold while typically we would expect some sort of bounce off of these rising support levels. My strategy going into next wee, despite the fact that we are due for some sort of dead cap bounce, I’d prefer if we can find fresh reentry opportunities for shorts as long as we are below those speed lines. That is going to be my first priority, especially with the intraday charts being very bearish hourly charts coming down like a ton of bricks on these key stock indices and such. I would rather not mess with some of those key institutional levels there, despite that fact that the daily levels are still holding up. I would like to see if we can find some reentry opportunities to the short side. That is going to be my first priority unless the 2 minute, 5 minute and 15 minute charts really start coming around.  The hourly charts kind of stem off their bleeding to the down side and actually start reversing back up.  I’m going to stick with the shorts that has been the way to go and likely will continue to be the way to go as long as they stay below those speed lines.

Bottom line is we’ve got Brexit, Sprexit, Frexit, and Grexit coming up here in the next few weeks. We will talk a lot more about that as we get closer and the volatility picks up. Keep in mind the key strategy’s because they worked great on the way up when the RUSSEL stayed above the speed lines, even though we were dipping down below on the other stock indices. I told you I was going to be focusing on long side trades.  Then the RUSSEL started to weaken, the NASDAQ went ahead and rolled back down below the speed lines, we went ahead and started focusing on shorts yesterday. Then I told you if we get down below on the four stock index futures, we are going to be firing off shorts. That is exactly what I did here Friday, short, short, short. That is kind of the strategy going into next week. Fasten your seat belts, adjust your schedules to enjoy the ride, because the weeks to come, this summer is going to be a phenomenal lesson in volatility and profit opportunities, are going to be bond and you don’t want to be missing them. Have a wonderful night, a wonderful weekend, we look forward to seeing you in the live trading room Monday morning or we will see you in Monday night’s videos to tell you how we did.

 

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