Hello Traders, we had a great speech from Mr.Obama and it provided the markets with more clarity so we can get a better idea of some policies and ideas that could come into effect. A couple of things I took from the speech that he said:
Give community banks money
Small business tax credits
Capital gains tax canceled out for small business's
Now all this stuff could be worthless, but I don't care either way I will make money and those that follow me will make money regarding my ideas and strategies I have in place for tomorrow. Follow me on twitter, subscribe to the videos, and you will make money. Also I am still looking for someone to help me build my site and give it a major face lift. The site is up and you can see it at channelguytrader.com. Pretty cheesy setup now,but I want to make it better. I may even buy a new domain name to make it more of a professional friendly name and site. Contact me ASAP PLEASE !!
Now I have also posted a chart below of the spy in this channel showing that the bounce today should have been of no surprise as we are at the bottom of a channel support, oversold, and still in an uptrend. We would like to see the 50ma and 20ma recaptured before we turn our neutral to bearish bias into a bullish bias again. All we have right now is a possible bounce into the 50ma with that being a short opportunity. Oh yea almost forgot to mention that this strength that this relative strength that we are seeing in the banks has me feeling that the markets are not going to have a big correction like most are expecting, which in turn means a surprise to the upside will catch shorts off guard and cause a fast push higher. May be getting ahead of myself here, but we will see and that is why I like blogging because I can go back and have proof of my ideas. Not for me to prove that I was correct, but to justify that my thinking and understanding of market psychology is on point. Later players!!