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Today’s Best S&P Futures Turning Points: Buy 5231.25 stop 5227.25. Short 5296.25 stop 5300.75.
Thursday’s results: Shorting 5249.50 filled in the Globex session (3AM ET) and stopped out.
The World Index: (+100/-100) jumps from +14 to +50 with all major world markets Bullish.
Catalysts: Fed’s Bowman @ 9:00. UofM Sentiment (Preliminary) & Inflation, Fed’s Kashkari, and Logan @ 10:00. Fed’s Goolsbee @ 12:45.
Quick Tip: Fast Moves
Everyone loves a fast move in your chosen direction. Study enough price charts and you’ll see a recurring pattern: fast move up, base, fast move down. Sometimes the base is non-existent, and a pivot is formed. This pattern happens in reverse as well.
Fast moves stall and/or reverse more often than they just keep going. Taking some if not all your profit is never a bad idea. You can always re-enter at a better price during the correction.
And if it is one of those rare parabolic moves that never returns, know you have an abundance of trade opportunities coming your way. The market is like a parade that never ends.
If fact, that next opportunity may happen immediately. So, after enjoying the quick gain and determining your exit, start planning for the reversal. You’ll be surprised how often you get to enjoy another fast-moving, profitable trade.
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Trade Fearlessly,
Mike Siewruk
P.S. Feel free to pass this along to your trading buddies. Share in the wealth!
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