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This tape is tough, and insane to say the least. I lost money today, I traded names that are on our list, but short of a scalp or two, I lost money. This market feels very heavy, very heavy. This is usually happens when it decides to rally, but who knows.
I try to keep this site as technically/macro as possible, but the economic undertones are brutal, and the guys in Washington can’t seem to agree on what to order for lunch. This leaves the market in doubt and extremely ready to sell any small rally attempt.
I work with professional traders on a daily basis and they are very good at what they do, but all have massive feelings of frustration and have pulled their reigns in. These are the same guys that will make a fortune when we shift higher, they are also the guys that know we could collapse in a heartbeat.
This has been a tough couple of weeks for me to manage the P&L, as some stops got violated with down gaps at the market open. I have removed some and left some names on, as that is what I do for myself. As you know, I try not to get shaken out on the first half hour or hour the market trades. It is my method, however some names have broken support as it relates to the stop. I look at all moving averages to decide what is worth holding. I leave the names on that I think are the strongest.
Please check the P&L and I will see you on the chat room tomorrow. If we continue to break down, shorts will be the only way to go. I am on the job.