How do you know that the stock market is doing well so far?
Let’s look at the general market picture below
we see the advanced decline line nicely surpassing the previous all times highs in the last one week!
what would some other sign be?
In the worst week for the top performing industry group (Software Group), it lost less than 1 % !!
what about sectors, How did they do ?
there has been nothing down – no sector was in the negative last 1 month and last 3 months !!
I am long on NQ and TQQQ
Have a wonderful weekend !!
Palo Alto Networks is a super high flying stock. It is a sector leader, it is in IBD 20 big cap growth stock, and in the top 50 growth stocks in the USA.
It jumped on earnings 20 dollars on 2/25/2019. By yesterday by 4 trading days it lost about 20 dollars. Why?
there was no bad news, market was not overly selling away. So we do not know. But price does have all the info that we need to trade!
We do not know why sometimes. But what does that matter!
Cut your looses short and move on. I did that and sold on March 1st and went long on QLD. Why? because the market is in uptrend.
It could have been a potentially good money making day. I should not have gotten out so early. Shorted at 9:40 am with 1 contract of NQZ14 and left way too early.
I was not prepared at all, and I only saw the signs later, much later.
What was the signs? Simple as before- Price and Volume.
4087 was a 1 month old support and resistance from above
Now, lets look at the 1 day 2 min chart, a 4500 volume contract! Just right at the open there were a rush of sellers.
By 9:48 am I should have seen this spike in volume, the tallest bar in the left .
afterwards there was not turning back. at 9:38am, 9:40 am, 9:42 am, and 9:44 am all great volume spikes and price decreasing.
Hope fully next time we will not miss it