Today's market action is the type of signal that my personal bottom spotting algorithm flags as significant for a market low.
I will probably not have time to give a more full background and historical trade stats from the model for comparison this evening, so I just wanted to note that for those looking to enter the market from the long side of stocks, I would consider with DIA or SPY to be a long trade here if there is a higher high tomorrow and the stop would be a penny below today's low.
As I have time to post some comparative stats, I will give guidance to probable expectation of upcoming action if price is to continue in bull market fashion.
But in trading it is limitation of losses that is the first order of business, and so if I were to be long or enter a trade here, the stop would be below today's low.
Reply or comment if there are specific trade management issues you would like addressed or an opinion on. I will do my best to assist you.
Pete
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