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Member’s Video for Monday, February 12th, 2018
The massive volatility continues and we were able to cover 1/2 our shorts at the exact lows before the late-day bear market rally unfolded. Is this a B-wave rally or a 2nd-wave rally? Too early to tell, but let’s look at some longer-term plays that we can jump on if the 9-year uptrend has truly come to an end.
Looks like we have broken long term trend lines in equities (since Feb 2016). It seems prices are coming back up to the under side of those trend lines to back test (kiss) them before proceeding down. How do you see those trend lines fitting into the bounce for wave b/2?
Hi Doug, I think you pretty much summed it up! Kissing the broken trendline-turned-resistance in B/2. In the SPX that should come in around 2650 and we’ll see what the bears are made of here.