Big Wave Trading video lesson for Wednesday.
The market is starting to look a tad extended to me and after CBPO imploded today I am starting to get nervous about our rally. On top of my gut instinct that we have run our course or are near running our course on the short term, my BOP indicator on the Nasdaq went green today. This is a historically contrarian signal that indicates that we have gotten too giddy up here. Without volume being above average during an uptrend, you will always be exposed to a possible ugly quick correction. Watch your stops.
New Speculative Long Position: BLDP (1%)
BLDP – Final cut loss levels: 2.60, 2.46, and 2.37.
