We've got a short term floor in this market at 2385. I will continue to get long on day trades and I am staying long swing and position-wise.
Teenagers unable to create follow through buying in the after hours. Much more likely as we get real traders in closer to 930 AM and then RTH will offer investor's and institution's participation.
We do not have an intraday buy signal at the moment. I will let it mature and then get long. Never risking more than 2 percent of Total Liquid Net Worth (TLNW).
The greatest part of the panic is over . Some stocks like ual and bp up 60-100% in a week . I think the daily ranges will compress now and trading gets much choppier here . I’d be shocked if we breach the low of 2176 on the es in the next 1-2 weeks . Let’s see how the mkt reacts to the coming worst Econ #’s in history .
The price action of some stocks like BP and Ual telll me the second the wave of the downside will be less panic and more grind . Even BA $89 to $150. I was scalping in 1-10 min trades mostly the last 4 weeks . I'm adjusting to 30 min to hrs long trades now. The mkt has adjusted somewhat to the gravity of the virus and it will take even more shocking news on the virus and the length of it to get a big second wave down to 1500-1800. Right now the mkt expects much of this to be resolved by Aug. If thats no the case then we could plunge to 1500 over the next 3-6 months .