ticker cloud(Confessions of a Stock Operator)
Start Date: 9/20/2018 |
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Yesterday we investors saw something we haven’t experienced in quite some time. We saw a lot of ‘red’ flash across our screens. To be clear, the SPY had a pull back to the tune of 1.2%. And while seeing your positions (if you’re long) lose value isn’t a good feeling at all; pullbacks and consolidations are all healthy behaviors for the overall stock market. Not to throw in a cliché here but like they say; “stocks don’t go up in a straight line” and neither does the broader market. Pullbacks, in essence, are a part of the course. Pullbacks also represent opportunities to finally get into that trade that got away from you. How Will the Short Me Tina Community Position themselves?
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After hitting a high of 240.32, the S&P 500 has pulled back some. What’s next for this market? I can with confidence say; I am not sure because like I blogged about several months ago, the markets are uncertain. Get accustomed to that! However, if I am to use my charts as a guide, I would say we hit our first level of support today at the 235 levels. For me to remain confident in this bull market; I would like to see another pullback to the 232-233 area. If it dips to 228 and consolidates in this area for several weeks/months; I would begin calling the market a raging bull. And will begin to go all-in! Those are my levels. |
AuthorTina "ShortMeTina" Ley (pronounced Lee) holds a Bachelor of Arts in Forensic Psychology and a Master's of Science in Mental Health Counseling and has been a stock market participant for over a decade. Currently a Full-Time Trader and Blogger of all things financial. Archives
October 2018
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