Option Investor
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Play Editor's Note: Where do I start? This has been an amazing market - amazing for its volatility! Unless you are a serious day trader or exceptionally nimble trying to trade in this market is like crossing a busy freeway blindfolded. You're going to get hit! The whipsaws have been painful. Yesterday in my note I suggested looking for a pull back as a potential entry point for bullish positions. I am concerned that we didn't get just a pull back but a bearish reversal today. I saw more bearish candidates than bullish ones. Honestly, I have heard more than one professional trader, with decades of experience, say that they have never seen a market like this! If you're having a hard time you're not alone. If you're like me you want to trade this market but these reversals make it challenging. Today's move in the DJIA looks like a perfect failed rally at its trendline of resistance. I'm going to wait and watch tomorrow's session before adding new stocks to the newsletter. Sometimes the best trade is to not open new positions. By the way, it looks like we should have stuck to our guns on SNDK. The stock lost 8.1% and sank to a new low under $21.00 today.

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