Market Notes:
October 19th is the worst-performing day, on average, for the market. The greatest single-day crash of all time happened 34 years ago today. The Dow Jones dropped 22.6% in a single day. The one day drags the average return down to -0.53%.
But that was then and this is now. Remember October gets hyped as a scary time because of the crash but the reality is bear markets are more likely to end than start in October.
Yesterday the market had every reason to pull back … Futures were weak, bad economic news out of China, inflation is high … But what happened? Three of the four indexes closed in the green while the last one was practically flat.
Today Bitcoin sits near all-time highs and so does TSLA. The bulls are in charge and the market is willing to take on a lot of risks.
I bought the indexes last week. I’m beginning to work some swing trades, but still waiting on the day trading setups to kick in. That might not happen until November.
Trading is a patient man’s game. Be safe!
Watchlist:
*HX has resistance at $7
*ICD has support at $5
*ETTX has resistance at $4
AEHR has support at $21.50
MGTX has support at $18
PROG has support at $3.75
BTU has resistance at $20
WTRH has support at $1.40
HUT has resistance at $13
KOS has support at $4
SOFI has support at $20
DNN has support at $1.80
OTC stocks (on watch, no levels):
ILUS, CYBL, IGEX, GGII, ALPP, VSBGF
