Money Monday - A slight pull back

Monday - 10/23/17

 

Avoid the noise, trend is your friend.

Overall Market-

Today the market closed lower, DOW above 23,000,  is there any thing to be worried about after this sessions show of weakness?

My opinion? No, no major news event to start a shift, technically speaking we simply retraced and filled the gap in the SPY on Fridays strong run. I will be looking at 20EMA for support if this pull back continues for a few days. Closely watching /ES (e-mini S&P 500 future) for a strong futures trade opportunity.

Important to note today, VIX (Volatility) related products spiked today, alerted a trade on TVIX today, great for a scalp. +.$55/share.

TOP watch for tomorrow, all VIX related products, both long and short, will trade with direction of market.

Low Float/Small Cap momentum-

A slow down in momentum was evident today, some whipsaw in prices. This tends to make retail scalpers hesitant to pull the trigger on a trade. However some strength remains from the recent euphoria, tickers to study and watch here $TNDM, $HTGH, $MYOS $QBAK
 

Closing Notes:

Do your best to not fight the market, watch market indicators closely, if the SPY or other indicator is showing strength, follow that strength. There will be a lot of people claiming "top" or "here comes the crash" IGNORE the noise, trade the market and price action. As the great Jessie Livermore once said, More Money has been lost in trying to guess the start of a correction than has ever been lost in the corrections themselves.

 

Disclaimer: As always, we are just an investing club here, seek financial advise from a professional before acting on any of this information. It is strictly my opinion and what i am seeing in the market. I am not a lisenced broker,dealer or finincla advisor. Trading comes with considerable risk and my not be for everyone. Never trade with money you can not lose and paper trade to prove profitability before using real money.