Some Long Setups You Can Possibly Trade Here

I’m not sure what you have to do to goose this market, better yet, what does it take to light a fire under oil (actually don’t do that, that never ends well…literally!). But that is what we are dealt with in this current market environment. China gave us the headlines indicating they wouldn’t allow their market to continue in free fall and this morning, the Dow was looking towards a potential +300 points day. But that is pretty much all but gone and we are back at ground zero here. 

It is one thing to say we are oversold, and yes I get the adage that says, we can stay oversold, but there are also historic levels of oversold-ness that provides some of the most opportune times to scale into the market for a heavy rally to the upside. But so far that has not been the case. Now if you want to get short… sure get short…so far it continues to work, but know at this point, expecting a major sell-off to continue without any rally at all is like expecting a guy at a Vegas craps table to continue to rolling snake eyes after doing it 10 times in a row. At this stage of the sell-off, the odds are piling on that there will be a relief rally. I’m not saying it has to be a rally to new all-time highs, I’m just saying a rally that takes us back into the 1900’s again. 

So there you have it… the market in a nutshell, and it is not an easy market. If the market was supposed to be easy all the time, sites like mine, wouldn’t exist (and I’ve been around now since 2006 doing SharePlanner) – which is a lifetime in internet years), and everyone would still be professional day-traders from the 90’s. Sometimes finding and trading the ebb-and-flow of the market is an extremely difficult proposition and one that requires extreme patience from traders so hang in there. 

Oh, and then there is this list of bullish trade setups that I find worth watching right now… take a look for yourself.