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? A couple of things. First, this pullback has presented a handful of new ‘long’ opportunities; so that’s a good thing. Secondly; I don’t believe today is the day to jump head in, into any long positions and three; it’s really just the time to be patient and see how the overall market reacts at these levels. We aren’t in a bear market; so I am not inclined to run out and put on a bunch of short positions either. Simplify This With Bullet Points for Me:
Look Below For a Recap of the SPY A few weeks ago; I signaled a warning on a potential pullback when the SPY hit the 240 levels. I followed up in another blog and indicated 232-233 are good levels to pull back to and 226-228 represent the best levels for consolidation (IMO). At 233, we are sitting on support. The best thing for us at this point; is for the SPY to consolidate on any of the above levels of support. TBC Check Out Some of Our Top Blogs:
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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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