So, what about the markets?
Well, once again you can see the strengths of the WiseTraders method.
First, our market timing continues to be a thing of beauty.
And Second, our stock selection has been pretty good too!
Over the past few weeks I’ve referred to the scarcity of good quality setups as one of my guides. In the last two weeks my main take has been that the market was not ready for a new upswing, and chaotically bouncing around the Key Levels was more likely.
Uncannily, that is exactly what has happened …
Last week I also said a likely scenario was for the market to test the January lows. The SPY got very close on Monday, didn’t it!
As we sit here today, I interpret what I see as still being weak. So another test is likely in due course.
Again, be the lion and not the headless chicken. But there are some decent setups as well.
As I mentioned last week, personally I think another leg down is what the market really needs in order to provide the rich seam of setups that makes us happy traders.
So like last week, this is prime lion time, and a wonderful time to optimize your learning.