What's the forecast today?

Good morning folks,

In reality its not our job to forecast exactly what the market will do .We don't get paid to predict the future. We get paid when we manage and navigate through whatever conditions exist. It helps to recognize where we may be in terms of technical and fundamental health and what the consensus is of the crowd is since they can determine direction. However, the crowd doesn't make your trades for you, they only help you understand the current climate. Its important to be independent and have your own strategy. Stick to your rules and and avoid getting caught up in a trade unless its your own. 

By that I mean>> know why you are taking the trade. Write it down, determine your entry price, set your stop, write down your target to scale and your target to exit. Know your risk reward, and manage your trade while keeping an eye on what is happening in the market. At the end of the day evaluate your trades, rate your performance and execution. 

Regardless of your forecast the only thing that matters is your ability to execute your plan and stay disciplined. 

Yesterday I took TVIX and TZA right off the open. TZA did fairly well while TVIX was profitable but it did not perform to my expectations. I watched the SP-500 closely all day and when it failed to take out the 50 day with conviction I took my profits in both and then sat on the sidelines. I attempted a couple of day trades early in the day with ISR and IMMU and took small losses in both. 

I would not be surprised to see some type of bounce soon, the SP500 held support yesterday and if it can do it again today it could serve as a bounce spot. I will not be loading up on longs and swings but I will be happy to take advantage of some temporary bounce plays. I plan to stay heavy in cash and be very selective in any trades I take. 

Morning movers and other stocks that caught my eye 

BIOS article a little active premarket not crazy about the daily, ARTX active premarket, IDIX looking for trendline break and continuation, SSN penny pr like the daily chart, ONCY pr 20 ma bounce, PTX thin one but I love the daily, VALE continuation 15 dolla holla, HERO trendline break, XXIA pr potential trendline break, NVAX 200 day bounce off pr  

If we get some strength I Will be looking for bounce plays off strong support but I won't chase them

RWM, TVIX ,TZA VIX--X, If we get some real weakness or volatility 

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Today's Markets:
Japan -1.4% to 14607. Hong Kong +1% to 22597. China +1.9% to 2098. India closed.
In Europe, at midday, London -0.7%. Paris -0.6%. Frankfurt -0.6%.
Futures at 6:20: Dow flat. S&P flat. Nasdaq +0.1%. Crude +0.7% to $101.16. Gold +0.75% to $1313.30.
Ten-year Treasury Yield flat at 2.7%.

Today's economic calendar:
7:30 NFIB Small Business Optimism Index
7:45 ICSC Retail Store Sales
8:55 Redbook Chain Store Sales
10:00 Job Openings and Labor Turnover Survey
1:00 PM Results of $30B, 3-Year Note Auction
1:30 PM Fed's Kocherlakota Speech
2:45 PM Fed's Plosser: "Enhancing Prudential Standards in Financial Regulations"
4:00 PM Fed's Evans: "Managing the Transition to Normality"

Notable earnings after today's close: AA, SAIC, WDFC

Best of SUCCESS!!