Daily Market Brief

Keep Calm and Kiss Your Ass Goodbye

keep-calm-and-kiss-your-ass-goodbye-1Well it’s one of the two anyways. Markets are getting hammered today and fortunately we were highly suspicious of triple or quadruple bottoms and came in with a trade plan that pointed to lower targets. I had been pointing to various analogs in the public stream that showed structures that demanded more downside.

The key question of course is what’s next. I’ll give you two scenarios:

1. Keep calm, it’s just a regular pullback in a long string of similar pullbacks:

ES 125

Or scenario #2: Kiss your ass goodbye. This monthly MACD crossover and negative RSI divergence says we are going a lot lower:

WLSH

You pick. Key is to have a trade plan and risk management in place. For more information about our trade philosophy please visit the About and Trading Process pages.

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