{"id":2333,"date":"2009-10-26T17:05:10","date_gmt":"2009-10-26T22:05:10","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=2333"},"modified":"2009-10-26T18:33:37","modified_gmt":"2009-10-26T23:33:37","slug":"not-convinced-of-a-reversal-yet","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/not-convinced-of-a-reversal-yet","title":{"rendered":"Not Convinced of a Reversal Yet"},"content":{"rendered":"<p>We closed below an important technical level 1080 S&amp;P 500.\u00a0 I watch SPY and a close below 107.50 confirmed weakness.\u00a0 I traded from the short side today in SOHU, COF, and FCX. \u00a0 But I am not ready to lay into my shorts just yet.\u00a0 Let&#8217;s discuss.<\/p>\n<p>Tomorrow I will pick some market stocks and look for opportunities to short as long as we are below SPY 107.50.\u00a0 But I wasn&#8217;t crazy about a few things I saw into the Close.\u00a0 1)We didn&#8217;t close near the low.\u00a0 2) I didn&#8217;t see the volume I would expect below an important technical level, 107.50 SPY.\u00a0 3) Important stocks are still hovering near and above support like IBM at 120, FCX near 80, and GS still above 180.\u00a0 4) SPY 106.65 offered strong support on the tape and we closed above this level. 5) When we slipped below 107.50 the downmoves were too controlled.<\/p>\n<p>I trade with an open mind and perhaps tomorrow we will see continued weakness.\u00a0 A move below 106.65 SPY and I will look to aggressively short if the market shows me weakness.\u00a0 And again I will not play the market from the long side until we hold above SPY 107.50.\u00a0 But for the reasons above today was not what the market looks like on the tape when it is incredibly weak.<\/p>\n<p>Thoughts on the market action today?<\/p>\n<p>Best of luck with your trading! Don&#8217;t forget to <a href=\"http:\/\/twitter.com\/smbcapital\">follow us<\/a> on Twitter.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-2339\" title=\"SP500 10-26-09\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2009\/10\/SP500-10-26-09.bmp\" alt=\"SP500 10-26-09\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We closed below an important technical level 1080 S&amp;P 500.\u00a0 I watch SPY and a close below 107.50 confirmed weakness.\u00a0 I traded from the short side today in SOHU, COF, and FCX. \u00a0 But I am not ready to lay into my shorts just yet.\u00a0 Let&#8217;s discuss. Tomorrow I will pick some market stocks and look for opportunities to short &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/not-convinced-of-a-reversal-yet\" 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":[10],"tags":[30,349,18],"class_list":["post-2333","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-prop-trading","tag-reversal","tag-smb-capital","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>Not Convinced of a Reversal Yet | 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\/not-convinced-of-a-reversal-yet\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Not Convinced of a Reversal Yet | SMB Training\" \/>\n<meta property=\"og:description\" content=\"We closed below an important technical level 1080 S&amp;P 500.\u00a0 I watch SPY and a close below 107.50 confirmed weakness.\u00a0 I traded from the short side today in SOHU, COF, and FCX. \u00a0 But I am not ready to lay into my shorts just yet.\u00a0 Let&#8217;s discuss. Tomorrow I will pick some market stocks and look for opportunities to short ... 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