I am not a fan of adding long positions in this current market environment. Especially after yesterday when the bulls gave up all of their gains following what is now a dead-cat bounce.
The market looks to me to be setting up for further downside. You have the FOMC Statement next week, and that could, no doubt, be when the market decides to finally put together a legitimate bounce.
I still have one long position in my portfolio and it is still positive, but the bias of my portfolio still leans bearish and expect it to do so going into tomorrow.
For now, keep an eye on the long setups that I have provided you with below and be ready to act on them when it the market is ready to finally bounce.l
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