You got to love summer trading. A few steps forward, and a few steps back– all summer long. That is how my trading has been, and today was one of those day when I took a step back. There is nothing more demoralizing than to make money, then proceed the lose it the following day, then repeat the process. Indeed, I’m ready for this summer grind to end.
But, maybe it doesn’t end, maybe it gets worse. Is the action in China related equities telling us something bigger is going on behind the scenes? Every morning China names gap lower, then proceed to do it the following day. China needs to bounce here. I tried to help the cause, and bought some $BABA this afternoon as it filled it’s volume void. The stock saw a good reaction off the lows, and needs to hold for the sake of the whole damn market. If China continues to bleed, you can bet your bottom dollar that it will spill over to the mighty USA.
Long $BABA, until I’m not: