Editor's Note

The Dow fell -175 points from its intraday high and the Nasdaq and Russell were mildly positive. The market closed right at resistance after declining most of the day and the direction in an event heavy week is undecided. We could easily move triple digits in either direction or both at any time. Buying new longs at strong resistance levels in the market could be suicide. We could win but it is not a favorable setup. I am recommending we hold what we have, which is 3 longs and 3 shorts. We were heavily short a week ago as the Dow tested 8-week lows and we were forced to exit those shorts. The market is at a turning point. If it moves up from here, we will be richly rewarded. If it moves down, we are hedged. There is no reason to add plays every day of the week. Lately, every Tuesday has been a turnaround Tuesday of some sort leaving market direction in doubt.


No New Bullish Plays


No New Bearish Plays