That was easy! ; ;
In yesterday morning's PSW Report I said:
25,600 would be ;a great place to short the Dow Futures ;(/YM) ;if it fails, with tight stops above but ONLY ENTER AS IT CROSSES BELOW! ; At $5 per point, per contract, if you give it 20 points to the stop (25,620, you risk $100 but the Dow is up 600 points off Monday's lows and up 3,600 points since Christmas so it's very likely we get a 20{01de1f41f0433b1b992b12aafb3b1fe281a5c9ee7cd5232385403e933e277ce6} retrace of 600 in the short run and that's 120 points for $600 per contract reward and, if we get lucky, we retrace the larger rally by 720 points for a $3,600 gain – so I think it's worth a toss – especially in light of these frightening charts
Well, that's exactly what happened first thing in the morning for a nice, quick gain and we're right back there this morning for another chance to go short – but keep those stops in place! ; If they are going to keep giving us the set-up, we're not too proud to keep making money off it, right? ; Remember: ; I can only tell you what's likely to happen and how to profit from it – the rest is up to you!
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Yesterday we placed tight stops at the 25,480 line but today is the 2nd attempt at a fail and we think ;the indexes will succeed… at failing… ; There's no way Retail Sales held up during a month-long Government Shutdown and we get that report this morning while leading Economorons haven't changed their estimates since the last time we got a report – way back in November (delayed due to the Government Shutdown). ; ;
8:30 Update: ; Oops, DISASTER! ; Retail Sales are down 1.2{01de1f41f0433b1b992b12aafb3b1fe281a5c9ee7cd5232385403e933e277ce6} for the month and, if it wasn't for a nice gain in Auto Sales, it would have been DOOM. ; Check out that trend – not pretty… ; ;Not only…
SOURCE: Phil’s Stock World – Read entire story here.
