Hey Market Pilots, It has been several weeks since the names I traded with great rewards ran out of steam and all pulled back 30-60%. These names are in the process of bottoming, but it sure is taking time so I need to do more scanning and looking around to find the group of tickers … Read more
Hey Market Pilots, The other day I was talking with a few guys who manage an investment fund. The conversation focused on where the market stands as far as its overall health and the duration of the bull run. This is a relevant topic of concern since many names pulled back 40-60% or more and … Read more
Hey Market Pilots, When the markets were pulling back during the end of April and the beginning of March, I was chronicling the movements of the QQQ. Primarily because the QQQ was beginning to form the first half of a reliable pattern of mine which I call an Elf Shoe or double bottom. You can … Read more
Hey Market Pilots, Right now, I’m feeling like I’m stuck between a rock and a hard place. I took two small trades, which if they work, might only go for two days. The SPY is near all-time highs as it keeps bumping along the Daily 50 SMA. On the surface, this should be fine, but … Read more
Hey Market Pilots, The week of March 15th, many of the names I trade were approaching their ascending Hourly 50 SMA’s which is a common spot for me to look at buying. This is because, usually, price bounces off that area and resumes the uptrend. But this time it was different, those MA’s didn’t hold, … Read more
Hey Market Pilots, The markets look as though they are in slow motion as they run out of upward momentum and begin to decline. But under the surface, individual tickers are getting pummeled. The landscape of those tickers should be the indication, or guides, as to what may be in store for the major indexes. … Read more
Hey Market Pilots, Last week, I wrote about how the market reacted to the Fed news and Jerome Powell speaking, saying that the market was satisfied with the pullback leading up to that news. What I didn’t do was wait a day for confirmation. The other piece I wrote (Market at New Highs, but Wait), … Read more
Hey Market Pilots, We finally got the pullback I was looking for, and then the market decided that whatever the Fed and Jerome Powell said was acceptable, so everything was bought up. I’ll cover the QQQ later and follow up with the projection I had with it, but for now, the SPY and IWM pulled … Read more
Hey Market Pilot, I enjoy old phrases we use like “it’s darkest before dawn” or “it was in the last place you looked” due to their hidden obviousness. Of course, it’s in the last place you looked, why would you keep looking after you found it? I know that isn’t the heart of the phrase, … Read more
Hey Market Pilots, In the continuing saga of this market pullback, as I have been writing about it every step of the way, the process has actually been rather orderly. In this write-up, I am switching to the QQQ because it has a clearer visual for what it is I am looking for. On Monday, … Read more