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The FDA granted emergency authorization for a Covid-19 plasma treatment. Volatility = 95. Stay long. Next minor support is 28075.

We are long this morning.

The market is forming a triangle.

Support is at 27499

Resistance is at 27965

We are going with the breakout!

What a great week we had. The market gave so many wonderful setups.

Can’t wait for next week. More green ahead!!

For 7 days we have been commenting that the market was extremely overbought. It finally corrected as expected. Those who shorted with us; Congratulations.

Not how much money I made. On October 22nd, 2019 I made it to 70 years of age. Thanks to everyone who helped me get here. No thanks to the punk who tried to prevent that in 1972.

That clown shot me in the chest in Rio De Janeiro. This will all be in the memoir I am writing. It will be a blockbuster.

This week was a good one in the markets. We were very patient with Mr. Market. On Fed Day we traded in both directions.

Just when we thought the bearish reversal would keep going on Thursday, the Friday employment numbers told another story. Our prediction was down.

Our trading was to go long. It is OK to make a prediction. Just don’t trade them. Trade where the market is going. Better to be a follower than a leader.

Market managed to squeeze three minor swings into today’s trading. Before the open we were long after the GDP and Jobless claims report.

Once the market opened those who were long, began to take profits. We were pretty quiet so did not catch the short until after 10:50 Eastern.

During the last half hour we were long again—the market was confused today.

See chart:

The second low by the arrow was a fake out break out.

We started out to the upside.

Two quick double bottoms lead to buys at 24750 Dow.
Then as we advised, we just wanted to make sure the Fed did not step on their own necks with a negative announcement.
We were off to the races. Good job all.

The market traded in a range from 24990 to 25845.

We suggested that due to increase in volatility that clients reduce total contracts traded from normal to 60%.

That strategy worked.

Our daily trend (measured by the daily 20 period moving average vs 5 period moving average — remains down.

We officially called 21 short trades and 8 long trades. Our stops were raised to an average of 26 ticks on the Dow to increased volatility.

We succeeded on 17 of 21 short trades and 4 out of 8 long trades.

Next week we again focus on China.

China’s officials just reported that gross domestic product grew at a slower pace than anticipated for the third quarter. Data released  showed its economy expanding 6.5% year-over-year between July and September, compared with 6.6% expected and 6.7% in the prior period.

Let’s make money together.

Help give some back to our neighbors in Panama City, FL

We have had a great week shorting the market.

How about helping out, at least financially, the victims of the latest hurricane — Michael.