Turnaround Tuesday. This is what what student told me a strategy was. That every Tuesday the markets would turn around.
I mean I've heard stranger things, like trading with astrology. Again, these are global markets and you see the best, worst and just flat out straight-jacket crazy things. Waking up here today the markets are trading lower. I was concerned a little about this yesterday with some of the rally we had and seeing some names lag. The one thing I can tell you is trading in ranges is a little harder.
From 12+ years of doing this here is what I can tell you when you get (what's really called, range expansion) range is to try this:
1. Trade smaller size and go for larger targets
2. Scale out of trades; take profit on one contract and keep one to see where it can go
3. Expect 'faster' more impulsive moves off price levels
These markets are usually good for some serious size trades but you don't want to overstay your welcome.
The support I care about on Nasdaq is: $6980-$7000, because below there we're going to get ugly.
In other news. Twitter locked Elon Musk's account thinking he was hacked last night. Which reminds me, I know everyone thinks they hate this stock and that it's going bankrupt, but, it has a HUGE short interest. Why does this matter? Because when we get any good news or bids on this stock it tends to have massive 1-2 day rallies. So the key here is to exploit the short-traders pain.
Watch The $263 and $266 levels on Tesla, above that it's good for a move higher.