More Bullish Setups For The Risk-On Trader

The bulls are trying to start the week off right, with more upside. This is despite the failed coup attempt in Turkey over the weekend and more law enforcement officers being killed domestically. The latter hasn’t mattered much to the market, nor has terrorist attacks within and outside US borders. I’m not stating an opinion on the matter, that’s just a fact. Go back and check for yourself. 

Had the Turkey coup worked, (which was probably just a staged attack for Erdogan to justify his expanded powers), the market would be lower today as we saw in after hours futures trading when the attack was going down on Friday. 

Nonetheless, the job of a trader isn’t to form his own opinion on political matters or current events and apply them to how the market should respond to them. Instead it is our job to respond to how the price actions reacts to those events and trade accordingly. If the market doesn’t care about the events, then we can’t trade the market like it does (even though senselessly killing cops is the lowest act of a coward).

Below I have a ton of long setups – around 80 in total. I could have added even more, but the setups were nowhere near as good as the ones that I have provided below – and the key should be to provide high-quality setups, not run-of-the-mill kind of stuff.

Be careful with this market, I don’t see a reason to be 100% long here or 80 or 90% for that matter. Instead, I am treading at 40% or so. May add a short hedge if the market calls for it. But right now, I’d really like to see some consolidation form and provide for some even better risk/reward trade setups.