Good news is I sold all my SPXU with profit today when the market open gap down. Bad news is I should have make more money if I didn't set my limit order before I went to bed last night. That's the disadvantage of being a part time trader. I have to set my order and organize my trading plan in advance. However, a part time trader or we call it swing trader, can have a better perspective to look at the big picture of the market and require less emotion control comparing with day trader. Frankly, I pretty enjoy what I am doing, that's why I want to share my trading experience with you in this blog.
The market has a big sell off today, S&P close 1064.88 down 37.95 points. I have mention in yesterday blog that the volume of last three rally days is very low, but the down day like today is high. A healthy market doesn't looks like this. It seems to me that the market really want to test the 1040 low again. Watch out! If 1040 fail to support, our target of 80 weeks moving average 990 may be the next stop.
If we consider seasonal factor, we shouldn't put too much weight on bear at this moment, we may need to consider accumulating little by little. Although it look bearish to me at this moment, it also show me that market is trying to search a bottom. Therefore I am 100% in cash right now, let the market tell me what to do. If it really go to 990 with extreme fear, I think I will be a buyer.
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