Today was another ridiculously horrible day in the markets. However, I feel relatively certain that we will begin a large bounce up in the market tomorrow. With that said, there is an expanding type pattern forming right now that must go below 737 on the S&P 500 in order for me to consider it safe to enter a new trade. So I am going to recommend a trade here and use the short-term model as an exit signal, with a couple stipulations.......
Recommendation:
Buy SSO with a limit order of 17.60 tomorrow only (do not enter after Friday)
Exit the trade if it is not profitable at Monday's close. If Monday's close is profitable place a stop loss at breakeven and await exit via the short-term model signal.
Pete
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