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SPX and NDX held the strong resistance they were testing a week ago, retraced a bit, and are now close to testing them again. I have been expecting new all time highs on both, and NDX has made a new all time high today, but SPX is still a bit short and likely needs to make a new one too.
Both RSI 14 and RSI 5 daily sell signals are now fixed on SPX, and if resistance holds again, then next short term high at least is close.
SPX daily chart:
August carries a bad but undeserved reputation as the month when bad things happen to good people as well as a few not so good professional traders. I’ve come here to dispel that entire notion as August’s bad rep is entirely based on a few outliers which happen to stick out like a fistful of sore thumbs. Naturally that’s what everyone is focused on whilst completely dismissing the entire rest of the dataset.
(more…)I’m often asked, “What’s the best stock for credit spreads?”
I’m dumbfounded by the question because it would require me to have a crystal ball, and unfortunately, my crystal ball broke decades ago. So, I can’t answer the question with any accuracy. And it’s exactly why I take a purely statistical approach to the market.
However, I can tell those that ask how to find the best stock for credit spreads, or any options selling strategy for that matter, using the following process.
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Sometimes trading opportunities stare you right in the face but most traders are either unable or unwilling to see them. A lot of that has to do with what many refer to as one’s personal ‘lens’. But honestly the reality is that many traders have a tendency to stick with what they already know and the way they do it, even if that has been proven to not yield positive results on a long term basis.
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