Random Thoughts

It's a little ugly out there. The Quack sold off fairly hard out of a "micro" First Thrust. The S&P remains set up as the same pattern. And, the Rusty remains set up as a Bowtie down.

Again, I hope these patterns don't work this time. As I've been preaching, a few big up days would fix this.

Even though the recent market action scores as a bummer, now's not the time to make any big picture predictions and bet the farm (which for me, would be a literal thing).

So, what do we do? For now, the plan remains the same with the addition of #4:

1)Honor your stops on existing positions just in case this turns into something bigger.

2)Be selective on new positions. Trade the best and leave the rest.

3)Wait for entries on new positions. Again, as I preach, this can often keep you out of new trouble.

4)Start thinking about firing off a short or two but keep #2 and #3 in mind.

Again, don't make any big picture decisions. If the market begins to roll over, there should be plenty of time to get short. There's no need to be a hero. Yeah, fire off one or two if the opportunity presents itself but don't dump your longs and become a Ursidae Shortalotagus.

Futures are firm pre-market.

Click here to watch today's Market in a Minute.

Best of luck with your trading today!