Price action has been rangebound recently…We have stated in recent posts that this would continue until the balance of supply/demand shifts. Yesterday’s continued selling was first real evidence that this shift was gaining some momentum. Also, keep in mind that we called for a short-term top as of 8/2/13 with recent SQ9 “Turn Date” and a potential more important 8/12/13 “Turn Date”…These were opportunities for traders to establish short-side swing positions via options or leveraged inverse ETF’s.
Price continues to sell down in GBX Session and has violated key 1675 – 80 zone. All lower targets for today’s intra-day session have already been achieved with price down 14 handles. Any decent bounces should provide for shorting setups…Stay disciplined and flexible.
I am at ease with controlled risk. I will risk and I will win. I am courageous. I will take a chance. I manage risk to my comfort level. Risk keeps me on my toes, keeps me alert and at the top of my game.