I just returned from the Wealth Expo in Atlanta where I gave a talk on Friday.
It’s always fun to meet with other traders and share our stories.
After a major, multi-year Bullish run, my indicators have put the markets in Bearish territory for now. We’ve had a 3 Wave or A,B,C pattern down off the highs. Now it remains to see where we go from here.
So far we’ve held the previous low in the major indices and are in a trading range. It wouldn’t be surprising to see this range hold until after the Fed announcement, but no one can predict the future.
However, whereas the long move up was on very low volatility, that has changed. The market is now in a high volatility situation. This is especially important for Option Traders to note as you decide which strategies to use. It may be time to employ different strategies than you’ve been using the last few years … or at least make adjustments in your style. Bottom line – watch your Vega!
It was good meeting you too, Barry. Thanks for the class Friday and taking time from your schedule to come to the Big ATL. I look forward to learning more about trading from you.
Derek