The trading range that is forming in the face of a 50% price cut in volatility is this:
BUY “Trade” = 878
SELL “Trade” = 922
That’s both a nice 5% trading band of a sandbox for the real short sellers to pick off those hurrying into what they have been missing on the long side here, and a very solid base of support for those who bought the November/December lows. We’re a long way from that SP500 low of 752 by the way, +23.4% higher to be precise. Day 1 of the New Year is no day to start making up for last year. Stay with the process. Stay patient. Prices will come back to where we can make purchases again – they always do.
Research Edge LLC