It is Monday February 23rd and the markets continue their sell off.
We did not get a bounce, but a sell off today. I checked the exact number on the S&P bottom of November and I see that the market went right down to it, at 742, and stopped. The Dow continued it’s slide falling 250 point to 7,114. I may have been a day early, but I still think we are in for a bounce.
The whole economic picture is pretty bleak. It has been said that the more the government does, the worse things get. I would agree with that, but that is just my opinion. Actually, I take that back. The facts would say that this is true – so far.
I do not want to be a downer to my readers, but I have been ”Bearish” on the market for some time, as many of you know. I have been hoping the slide takes a break and gives us all a little more time to get things together. But again, the market does not listen me.
A while back I had posted on the daily chart of the S&P that this market needed to stay above the 800 level – or else. Well, it is looking like the or else is happening. The daily chart has been in a solid downtrend since the purple line of support was broken on a daily basis. It has been confirmed by the indicator as well and nothing at this time has changed. The Monthly is down, the Weekly is down, the Daily is down and even the Hourly is down. It has been that way for the last 5 days now. That is what I had to tell myself in looking at the slide today. Everything is down, don’t fight the trend.
Below is a chart of the S&P cash and my equity chart for the day. This is the start of week #4 and I have been posting my equity gains and losses every day. I have not posted a losing day as of yet, and I don’t plan on it, but it could happen. My daily loss limit is two times my daily goal of 2 pts per day, so that would be a total of -4 points. If I am trading 5 contracts, then that would be 1,000 before commission. As I said yesterday, I came up to that point only one time and was able to turn it around for several times positive daily goal. Most of the trading days have been met with 2, 3, 4 times daily goal and up, so overall, I am pleased with my performance.
http://www.screencast.com/t/B7sIbT9SjS7 Some of today’s trades
http://www.screencast.com/t/mQP1X38U7s Today’s equity chart
http://www.screencast.com/t/tOxsYylTb S&P Daily chart
Related posts:
- Nice screen shot of 233 tick/ Thursday Feb, 19th
- Sell Off Continues in the Stock Market
- Called Live, Short Term Top In Today’s market.
- Success continues in trading the S&P’s
- Market hits resistance today
Tags: bearish, commission, contracts, daily chart, daily goal, daily loss limit, Dow, downtrend, equity, sell off, support, trading indicators
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