Situation: SPY is currently at $417, inside month. It will go 2-2 continuation down when it gets to $410. The VIX is at $31.77, volatility is very high. QQQ is 2-2 continuation down on the month, this makes it the weakest point in the broader averages. XLE is selling off, need to step back and wait until we get some 2-2 reversals on the daily, and the weekly charts.
Mission: Create winning position, add to them, and defend them with tight stops. The FED report is on 16 MAR 22. Tuesday could be boring as the Market is waiting on the Fed report. As always, trade what is happening right now.
Execution: Tanks, we are waiting right now. XLE needs to cool off. Push up your stops and take profits on your positions if you have them still. We will hit XLE, XLF, and XLP when we get a Triangle They Out to the upside. If you are good at options, you can work puts on these sectors as they are reversing to the downside. Watch the spreads. The Tank Division aren’t daytraders, but will if we have to. We are not afraid of the price action. After creating winning positions, set your stops even, them push then up as the price moves up. You can use a smaller time frame to this.
What a day it was today. The Ukraine News at 0900, and then the Fed report at 1430. No one could have predicted the Market going up on a day that the Fed is announcing raising rates. What a great day to show that we trade what is happening right now, not what we think will happen.