S&P 500 / Nasdaq close 3/6/19-Learn how to trade stocks, how to trade stock options, how to read stock charts

blog logo 700x323 - S&P 500 / Nasdaq close 3/6/19-Learn how to trade stocks, how to trade stock options, how to read stock charts

I mentioned yesterday, I reduced my Long Market Exposure on Monday.  (the gap up was a GIFT).   The SPX is now in a 2 day downtrend.  This is where many traders make big mistakes, as they feel they need to trade short.  Last year we had 11 uptrends, and this year we had a 40 day uptrend.  You do NOT need to trade short, but DO need to preserve you capital and HUGE ytd gains.  Be patient, and let things set up again long.

SPX 2 700x354 - S&P 500 / Nasdaq close 3/6/19-Learn how to trade stocks, how to trade stock options, how to read stock charts

Then nasdaq closed in NOTREND.  Now the hardest trade in the world comes into play............called THE PATIENCE TRADE.

The whole way up, I said dont pick tops.  Now am saying, dont pick the bottom.  Wait for things to setup again long, and preserve your HUGE ytd gains.

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David Patrick

Fitzstock Charts, LLC

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