Hey Guys,
The market gapped down over the weekend. The S&P 500 is down about 70 points right now from Friday's close, and is approaching the 5,200 mark.
There are no tickers on the watch list, which means there will be no trades today.
It's a little weird not taking any trades, but in this case, it might be a good thing. The S&P 500 has dropped about 200 points over the last few trading days, and I sidestepped all of that since I didn't take on any new trades on those days.
What's nice about my trading strategy is that one of the core criteria is that the stock has to have been in an uptrend over the last 10 days for me to buy shares or option contracts for it. That requirement naturally keeps me out of harm's way sometimes in tough market conditions when a lot of stocks aren't doing well. It ensures I'm only taking positions on stocks that have been showing strength, which is just the way I want it.
So I wait patiently, and I don't force anything. My only objective is to stay in lockstep with the backtested trading approach, and if that means being patient, that's ok with me.
If you have any questions or feedback, I'd love to hear from you.