Stock, Option and Futures Trading
Are you turning bearish?
Today is the type of day that can turn people bearish. The problem is they start to take bigger bearish bets off a even the 1st sign of weakness. If you would have done that up to this point it would probably be your 80th time trying to go short only to be squeezed out as the market still climbs.
We are still sticking with the trend knowing that at some point there will be a bigger move to the downside. This is why we like to trade weekly options and go for quick gains inside of this condition
The condition is we are in a uptrend but need or should have a pullback and the pullback might come at a level most people are not watching so it is best to be in and out and move stops to even quickly.
Dont take a big bet on direction on a minor wave down today. The move down is still just coming into support. Until we get the Turn Pattern we are not going to try to pick the top.
If the market is strong off support we will look at more call options