Market Update Tuesday April 23rd – Hank Swiencinski

by Hank Swiencinski, AIQ TradingExpert Pro client for over 20 years, founder of ‘The Professor’s One Minute Guide to Stock Management’. DON’T MISS OUT, AIQ and The Professor are coming to New York…. LEARN MORE

“With the Dow up over 130 points, The Professor proves to be yet another valuable tool for short-term traders.  Two days ago The Professor had 55 new longs, confirming the two VIX Buy Signals.  Then last night, he maintained his positive bias with 21 new longs and only 3 shorts.  So today, we’re up 130 points.  Pretty cool, huh?”

“Anyhow I thought I would remind you that odds are that we’re still in a triangle, and the top should be near the 14,800+ level.  We’re at 14, 706 as I write this.  In other words, IF you took advantage of the DDM trade I mentioned yesterday, you might want to manage your money as we start to approach these higher levels.  I’m starting to take profits NOW! Remember, no stock, no matter how good, goes to heaven.  And this applies even more so when we’re in a triangle.”

“The 11:00am run of The Professor shows that the number of new longs has increased to 30.  This tells me that we should see the Dow trading close to the 14, 800+ level before the next leg down starts to develop.  In other words, I expect more upside in the next few days, but to get there, we should expect some very choppy trading.   Because of this, I’m gonna take a few bucks off the table, and leave some on to see if we can approach 14,800 as this leg completes.”

 “Managing my money,

All of the commentary expressed in this site and any attachments are opinions of the author, subject to change, and provided for educational purposes only. Nothing in this commentary or any attachments should be considered as trading advice. Trading any financial instrument is RISKY and may result in loss of capital including loss of principal. Past performance is not indicative of future results. Always understand the RISK before you trade.

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