Big Wave Trading video lesson for Monday.
We are overbought on all of my oscillators on all the major market indexes across the board. Choppy action, a pullback, or limited gains should not be surprising over the short-term. We are not looking to hedge here just yet. We are just going to raise our stops and see what happens in the overall market. There are a lot of individual stocks still running and this pullback could offer up more leading stocks to get long once it has run its course. If the market really starts to sell off, we will have our stops to take us out of our weak holdings. Speaking of weak holdings. BLDP was a full sell, following Thursday’s failure. Following the earnings miss, half of the position was sold off at the open as one stop was hit but I held the other half into the close giving it a chance to reverse. It failed to reverse higher. Adios BLDP. These speculative long positions continue to disappoint. Stick to the quality names and if you have to trade these speculative names focus on the Biotechs like CRMD. Not the VUZIs and BLDPs.
