Sunday, November 11, 2012

Watchlist for the week of Nov 13-16

The market made it down to my target and I grabbed some 3x long ETFs on friday for a bounce trade. I deceided to take my profits by friday afternoon as I just wasn't feeling confident the market would bounce for more than a day... I'll be looking to get back long in the next few days or couple of weeks, but I'll be waiting for the scenario outlined below. Ideally, we get a lower low with some type divergence on the indicators, RSI, MACD or stochastics, as you can see in the chart below. A double bottom would work just as well, as long as there is also a divergence formed... That would be my ideal scenario, but we'll have to see what the market has in mind.

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