When we have such weak signals at the opening bell as we did today we have to immediately looks at some of our market internals to get and idea of what the overall market is setting up for. OS today for example we had some very weak overnight trading. At the open we nibbled on a short position and from tat point it was smooth sailing. The internal I am watching is the advancers/decliners. Take a look at my chart below. With numbers this weak it's very difficult to even consider at reversion trade up, even on the smallest timeframe. So if you took a nice trade from the open and caught some of the downside I would just be happy and walk away. The skew of the market is still very negative and the only other trade we would normally be waiting for is a possible scalp long when we get some positive slope. However with the internals being this weak I am not even going to consider that at this point. I'm just going to take what I got and wait things out here.(www.tradeinwaves.com)
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