Day Trading – The Bullz And Bearz

After Looking At Hundreds Of Charts, Here’s What I Think

February 22nd, 2009

Well, I’ve looked over hundreds and hundreds of charts this weekend. Actually twice because I looked at them and then came back and looked over them again just to make sure. So, here’s my view. First, there are still tons of stocks that are way overbought and need to correct before they continue moving up. Some of these are up almost 100% since their recent lows which is unrealistic to maintain. Second, there are also a bunch of stocks that are really cheap and forming very bullish patterns. Retracements of breakouts, volume indicators, you name it, I’ve seen at least one great looking long trade. So to make money over the next couple of weeks, I’ll be working both sides of the market while keeping my stops very tight. As members know, I already sent out a Member Specific trading video updating them on all my positions and I think we are in a great position to make a ton of money trading this month! My advice, look over all your positions and really think about the reasons your in them. If you find yourself asking and questioning yourself too much – close out the position. See you tomorrow morning with updated S&P levels!

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