{"id":1769,"date":"2009-08-17T16:38:26","date_gmt":"2009-08-17T21:38:26","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=1769"},"modified":"2023-08-02T16:56:51","modified_gmt":"2023-08-02T20:56:51","slug":"need-some-more-time-please","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/need-some-more-time-please","title":{"rendered":"Need Some More Time Please"},"content":{"rendered":"<p>OK so we got some weakness with the market today. \u00a0Are we starting the leg down that most have been predicting since SPY 83 (oops!). \u00a0Was the news about back to school sales the catalyst? \u00a0China? Rising foreclosures? \u00a0The dollar? \u00a0Unemployment? \u00a0Government Debt? \u00a0Certainly the bears have a multitude of fundamental reasons to support their thesis for a downmove. \u00a0And now they also have some price action from today to support their position as well. \u00a0Or do they?<\/p>\n<p>I am a short term trader. \u00a0I am not an investor. \u00a0Honestly I am not sure if we are headed lower now. \u00a0I am not sure if this is a great opportunity to buy into a pullback or the start of a downmove. \u00a0And I am not going to pretend that I do. \u00a0 This is not my job.<\/p>\n<p>I am aware of all the bad news. \u00a0I am well versed in all of the reasons we ought to trade lower. \u00a0It all makes for interesting weekend reading on my Blackberry when I am bored with my TV selections. And I stand ready to short if the market, the price action, shows me weakness. \u00a0And we saw some of that today.<\/p>\n<p>Tomorrow absent new news (HPQ?) I will focus on health care. \u00a0I will trade UNH, CI, AIG, AET. \u00a0I will lean towards long health care stocks if the tape so confirms.<\/p>\n<p>But I will also watch SPY 98. \u00a0Below this level and the market will signal perhaps another weak day. And I will have some shorts ready to go if this occurs.<\/p>\n<p>So we will see. \u00a0 The market offered excellent trading setups in AIG, AET, CI, UNH today. \u00a0And I made a few nice trades in AIG. \u00a0Might be short tomorrow might be long (&#8220;she loves me, she loves me not&#8221;).<\/p>\n<p>Before the Open I tweeted:<\/p>\n<p><span style=\"padding: 0px; margin: 0px;\">tons of trading opp out there today. I am pumped&#8230;..Bella<\/span><span style=\"display: block; font-size: 0.764em; color: #999999; padding: 0px; margin: 3px 0px 0px 0px;\"><a style=\"text-decoration: none; color: #999999; padding: 0px; margin: 0px;\" href=\"http:\/\/twitter.com\/smbcapital\/status\/3361299357\" rel=\"bookmark\"><span style=\"padding: 0px; margin: 0px;\">about 8 hours ago<\/span><\/a> <span style=\"padding: 0px; margin: 0px;\">from web<\/span><\/span><\/p>\n<p>Summer trading has not arrived. \u00a0So I will sit in my seat and be ready for a variety of possibilities. My vacation is 9\/5 and not one minute before. \u00a0And until I am actually sitting on a beach, sipping a cold Corona, I will stand ready to pounce.<\/p>\n<p>On a personal note I received an enormous influx of kind words about our Sunday show on StockTwits. \u00a0Thank you for watching. \u00a0Thank you for all of your kind remarks. \u00a0And we will do the best we an to share what the market has taught us with you.<\/p>\n<p>Looking forward to the price action tomorrow. \u00a0Best of luck with your trading! Don&#8217;t forget to <a href=\"http:\/\/twitter.com\/smbcapital\">follow us on Twitter!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>OK so we got some weakness with the market today. \u00a0Are we starting the leg down that most have been predicting since SPY 83 (oops!). \u00a0Was the news about back to school sales the catalyst? \u00a0China? Rising foreclosures? \u00a0The dollar? \u00a0Unemployment? \u00a0Government Debt? \u00a0Certainly the bears have a multitude of fundamental reasons to support their thesis for a downmove. \u00a0And &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/need-some-more-time-please\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,10],"tags":[30,349,18,301],"class_list":["post-1769","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-mike-bellafiore-bellas-blogs","tag-prop-trading","tag-reversal","tag-smb-capital","tag-trading-blog","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Need Some More Time Please | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/need-some-more-time-please\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Need Some More Time Please | SMB Training\" \/>\n<meta property=\"og:description\" content=\"OK so we got some weakness with the market today. \u00a0Are we starting the leg down that most have been predicting since SPY 83 (oops!). \u00a0Was the news about back to school sales the catalyst? \u00a0China? Rising foreclosures? \u00a0The dollar? \u00a0Unemployment? \u00a0Government Debt? \u00a0Certainly the bears have a multitude of fundamental reasons to support their thesis for a downmove. \u00a0And ... 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