Today's market recap:
- $SPY opened gaped down to 206.51 from previous closed @ 208.28, what make the whole day so bad was there were no bounce, sellers kept on selling and the market continues to make new lows as we closed almost low of the day @ 203.97
- $DJIA dropped 358 points the worse I've seen in awhile and the fear index at 10 money.cnn.com/data/fear-and-greed/
- China economy at slowest growth pace, Greece non stop drama, Portugal debt problem starting to pile up and the U.S debt ceiling raise in Sept. Most news i read all gloom & doom.
- $GOLD $GLD looks dead at beginning of the month, but shining back last couple weeks. GOLD SPOT next resistance at 1175 and 1200.
- $IBB $XBI Biotech sector remind me of April & May of 2014. Investors/traders cash out their positions to protect from further damaged.
- My strategy now is day trades, hit & run.
- OPEX is tomorrow so another wild day.
- $SPY $XBI $IBB $IWM if trend is your friend, we are on a downtrend finviz.com/screener.ashx
- $SPY one thing to keep in mind, this is the 2nd time we breached the 50MA weekly since Oct, 2014 Strategy for tomorrow & next week:
- Managed your current positions (if you have any) either: Cut down to size, cut for loss, or be patience riding out the storm
- I'm sensing fear in this market, traders likely to sell on pops tomorrow to protect their capital and stay cash over weekend.
- Remember oversold can be more oversold. Protect your capital for better days or until chart and indexes improved.
- Play both side of the table short & long. Perma bulls was on fetal position all day today, but bear are laughing their way to the bank. I played both side because money is endless and opportunities to make money is there everyday. Market like this is where your risk management come in, know your risk and have plan.