It looks like yesterday’s dip under 1313 was a fluke and today we pop back above it again. So back to BOT long again as long as we hold above 1313. If we do not or fail by the end of the day today then will go back to BOT short. Sorry for the confusion.
A lot of switching the last few days but the bottom line is that 1313 was a somewhat key level for the sp500 related to the possible head and shoulders bottom pattern and a Fibonacci retracement level.
So if we hold 1313 today then the BOT long signal stays intact!
I consider myself a trader. But I try to stay away from day trading. My time line is more like a few days to a month. Although sometimes I put a particularly strong stock, with strong technicals and fundamentals, away as a keeper.
Accordingly, I stay away from day trading. Tried it a long time ago and was very disappointed.
I realize that some of the boys with massive computer arrays trade in nano seconds based on their algorithm programs.
Using an analogy, think of driving on the highway with all the other vehicles 8 wheelers, they own the road. And even being nimble there is always another 8 wheeler in front of you.
I’d rather take the back roads, not as fast but you have time to enjoy the scenery. And you are sure to get to your destination.
To me the algorithm boys are the 8 wheelers. They can have the toll road.
Me, like I said, I’ll take the back roads. The roads less traveled!