Another gap down this morning. And what makes it disconcerting if you are long is that the markets were up over .5% overnight. they have gone straight down since early morning. Free fall they call it. But the market is only off slightly so it remains to be seen what develops today.
Ideally for me we get another 200 pt downside day today where I will be happily accumulating mean reversion trades. But ideally rarely happens. So I am gong to have to watch and wait this morning.
There was no news that I could find to justify the sell off so right now it appears its just a continuation of the weakness we say on Monday.
Today I will be looking to take long Breakouts but will also temper that with what I see in the first 15 to 30 minuites. If the day sets up like yesterday I will most likely be on the sidelines again at least until shortly before the close.
I am flat which after a day like yesterday is very comforting!
If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. It’s my private twitter feed for the stock market and its free. Sports Handicapping is the subscription-based part of this site. But considering the cost of joining it’s almost free:)
Good Luck Today
RickJ
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