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Another Relief Bounce Begins After Rout Yesterday – Nov 13, 2018

Hello from Las Vegas, everyone.  I hear the weather is nice but being inside these buildings all day, I am taking someone’s word for it.  No clocks and no windows in these places.  Bizarre, really, but the Traders Expo is moving along nicely with good crowds.  I have been able to meet so many people that I have simply known online, and also to see people I haven’t seen in a long time.  Tiring for those of you who know I am very introberted by nature, but an enjoyable experience so far. Now onto the markets….

MARKET TEMPERAMENT –

Traders are holding support and bouncing after a deep fade.  Market volatility is certainly on the upswing and decisions for swing traders have become much more muddled.  For those of us here who have been watching levels carefully, the failure of the e-Minis to breach and hold 2778 was troubling on Friday and certainly was the warning shot across the bow.  Choppy bottoms are ahead as people swing wildly  trying to manage their headspace.  We shall remain calm and carry on.  More whipsaw ahead in the current bounce but remember bounces are squeezes here and we are very likely to ride longs into reistances that collapse as time continues.   Don’t assume anything, however – just watch your levels.

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ESZ8 - TPS - Nov-13 0501 AM (6 hour)NQZ8 - TPS-INTRADAY - Nov-13 0502 AM (6 hour)YMZ8 - TPS-INTRADAY - Nov-13 0503 AM (6 hour)RTYZ8 - TPS - Nov-13 0502 AM (6 hour)GCZ8 - TPS-INTRADAY - Nov-13 0504 AM (1 day)CLZ8 - TPS-INTRADAY - Nov-13 0503 AM (8 hour)C&BINDICES2018-11-09-PERF