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Breaking the line in the sand

September 24, 2020

Hey Market Pilots,The markets had a pretty big move to the downside lately. I was prepared for it as far as knowing if the market was going to hold long or fall short. That line in the sand for me was the 15 min 50 SMA. I was hopeful that Tuesday’s bounce would continue via support at the 15 min 50, but that was not in the cards today and if you look at the charts, you can see that the move to the down side really got going when … Read more

When is the short side over?

September 21, 2020

Hey Market Pilots, There are common patterns in the market which we need to know about in order to make proper decisions and money. This week, I saw a particular type of bottoming pattern form on a few names and the market itself. I’m very familiar with a double bottom pattern and how it advertises that price doesn’t want to go lower. But what about when a double bottom does break lower? Oftentimes that is a perfect short entry, but other times that is the exact washout move that is … Read more

FOMC triggers the market again

September 17, 2020

Hey Market Pilots, Once again, the FOMC minutes were the trigger for some market action. I’m writing this Wednesday afternoon and you’ll be reading it on Thursday so the exact outcome of what I write may have to be taken with a grain of salt. Ever since the SPY touch of the Daily 50 SMA on the 11th, I have been cautioning that any bounce or move up of price will be into resistance and we should actually be prepared to retest some lows. This time, the FOMC minutes were … Read more

Patience and persistence

September 14, 2020

Hey Market Pilots, Patience and persistence are needed if one is going to be successful in the markets. I am reminded of that when new subscribers come into my service and express concern that they aren’t making money. There can certainly be multiple reasons for the lack of performance in one’s trading account, but as an instructor, I tend to notice these concerns arise when the market gets in a funk. I never want new traders or subscribers to lose money, feel they aren’t being looked after, or feel like … Read more

Trading more nimbly

September 10, 2020

Hey Market Pilots, Since the market sold off last week going into Labor Day, we are now in a different mode. The market is no longer in a trend, which means clean moves are more difficult to find, and good looking setups may not actually work the way they are supposed to. The market is below some important MA’s which means they could be resistant or at least obstacles for the price when trying to move over them. Now is the time to trade less, smaller, and more nibley.  Yes, … Read more

This weekend only

September 4, 2020

Hey Market Pilots, Sometimes the market is poetic. Those who have been around the markets for awhile know that a stock split can create a lot of false hype and that the savvy traders use the actual split event as an opportunity to sell their gains to the uninitiated.  We saw exactly this with TSLA and AAPL. Then the market sells off the two days before the long Labor Day weekend holiday. Who would want to hold large long positions in an extremely extended market over an extended weekend? The … Read more

Deja Vu paid off

September 3, 2020

Hey Market Pilots, In my last newsletter, I left you all with a potential setup on BILI, which looked like a setup I took over a year ago on MDB and paid handsomely. I thought Monday would be the day for BILI to take off. It did pop, but only at the open. Then I was a little worried but held firm because price was basically where it was the day before. At least it was no worse off and I figured price was right at supporting MA’s As it … Read more

Setup deja vu?

August 31, 2020

Hey Market Pilots, I could update you on the status of the market, but it’s going up. I am seeing some building indications of a sharp pullback coming, but the trigger is not here yet. So in that vein, I want to show you a setup that worked for me back on 6/6/19 in MDB, and I am seeing the same structure today in BILI. As a note for context, video game providers have been doing well during the COVID era because people are looking for activities during the quarantine. … Read more

Is this a blow off the top?

August 27, 2020

Hey Market Pilots, Wednesday was a very interesting day. Seemingly out of nowhere many tech names absolutely exploded and went straight up for the day. Maybe this was based on CRM having good earnings, because CRM was added to the DIA and that was some sort of bat signal to the rest of tech, or maybe everyone decided to front-run Jerome Powell’s address Thursday about how they are viewing inflation. Whatever the case may be, and we will know more by the time you read this, it doesn’t appear to … Read more

The Zombie Market

August 24, 2020

Hey Market Pilots, When the SPY broke out from its range at the beginning of August, there was a lot of energy behind it and the internals supported the move. As price approached its double top, momentum slowed as that is a natural resistance area and few traders are willing to buy the new highs. The internals began to weaken, we got one quick move down on the 11th, and since then the SPY has been like the living dead. I feel that the term Zombie Market is pretty accurate … Read more

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