Wheeee – that was fun!

As you can see, we made great money on our Russell (/RTY) Futures shorts on the way down ($5,410) and, this morning, I sent our a special alert to our Members at 6:30 am, saying about the Dow (/YM) Futures:

We failed at 28,200 and back to 28,000 on /YM, which is playable for a bounce but super-tight stops below.  Lined up with 3,220 on /ES, 9,100 on /NQ and 1,630 on /RTY – I’d make sure 2 are over at least and get out if there are any failures at all (in other words, the others should cross over shortly, not fail).

We’re hoping to catch a strong bounce up to the 28,280 line and that would be good for $1,400 per contract but once we’re over $1,000 we should put a very tight stop on half our contracts and then stop out the rest at $750 to lock in average gains of $875.  If we do fail at the weak bounce line – look out below!  Once we’re over the weak bounce line – that becomes our stop.

We can go bearish below our lines with the same rules we went bullish with – that’s what’s fun about the Futures – our stops had us risking very little to make what is already (8:07 am) over $600 per contract – not bad for 97 minutes work!  

So far, this market has bounced back from everything so today will be a good test to see if its still got its mojo.  Still, we set our stop here at $500 per contract ($1,000) as that’s nice gains for a morning so it would be silly to lose those just because we’re greedy, right?  We already failed our first attempt to take back 28,200 at 3am (the EU open, Asia close) so the selling pressure is likely coming from Europe and may ease off when they close at 11:30 – we’ll keep an eye on that as the day progresses.

The WHO said China’s unprecedented lockdown may have averted hundreds of thousands of cases. The United Nations agency also said that Gilead Sciences…
continue reading

Source link