Consumer discretionary and technology lead the way in here and we’ll respect that trend until sellers demonstrate real interest. Bitcoin charging to and through $10k!? (more…)

Focused on the NASDAQ here this week that shows resistance ranging from 6400 to 6575 based on both the primary and alternate wave counts. We’ll continue to press the long side of tech stocks, but we’re highly cognizant of this formidable resistance zone. Also, Bitcoin is targeting a run through the $10,000 level and here’s how I’m playing it. (more…)

Just a quick update on this half-day session. Are we in a B-wave rally or an motive rally in the indexes? Here are the key zones to watch while our positions are orientated towards the long side. We’re postioned for additional strenght, but prepared for a reversal. Also, MotiveWave is running their lowest prices of the season. (more…)

Video coverage to resume on Friday following Thanksgiving. We’re traveling for the holidays so the schedule will be off this week.

SMS Sent: – Closing AMZN butterfly. Filled at $4.75 credit.
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Looks like 4th wave ranges are taking hold. I was NOT filled on the AMZN trade and will update you on the open tomorrow. Also, Tuesday’s member webinar is not happening and will be rescheduled for next week.
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Indexes showing signs of consolidation so time to shift our trading tactics from directional to non-directional with index butterflies. We have a new toy to play with in MotiveWave and it has something to do with Bitcoin!
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Let’s take an in-depth look at the indexes and determine if this tax reform-fueled rally is for real or a false break. Also, bitcoin to $50k +?
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S&P’s are moving lower rewarding our short position while our long positions showed great relative strength today. We are looking at corrective support coming into the indexes just a bit lower so let’s not get too comfortable on the short side.
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We’re holding onto the SPX short position for now to see how things shake out, but the market did show some stability today . We closed some positions and added new ones. Also, I’m including a clip from my interview with Bob Prechter about bad this coming collapse may be.
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