I have been on the sidelines for a couple of months to stay away from the chop. Oversold opportunities are beginning to appear again and I am ready to put in some day trades. I am looking at a few key levels to buy in FCX, BTU, ACI and EEM. Patience and tight stops are key in counter trend trades. In addition, I plan to short any rallies when the market gets overbought as well, but I’ll wait for the price chart to form clear levels of resistance moving forward.
TLT has gone beyond parabolic and it is getting ripe for a fall. I am keeping an eye on volume to confirm the top and I’ll short it via TBT when the time comes.
I have some alerts setup and my Risk calculator handy. Now, I’ll just wait for confirmation from the print during the day.
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