Buy-the-Dip Crowd Hammered in Two-Day Selloff

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Our View

Yesterday was a vicious reversal. My problem is I don’t trade my warnings. For months I have warned about everything from the US military being too spread out to the Fed's BS about lowering rates to the government borrowing $1 trillion dollars every 100 days…

The only thing I can say is this is unsustainable. And when you throw in the headlines it becomes a giant algorithmic program.

When I sold one of last week's gap-up openings and talked about the gap rule, PR — a member in the MTS chat — asked what the rule was. I said it's one of the simplest rules in my trading toolbox:

Sell big gap-up opens when the ES is in a downtrend, especially when there is 300k+ ES contracts traded on Globex. The other part of the rule is you use a stop above the highs, then cover half when it moves in your favor and hold the other half. 

I sold the open yesterday, but after the ES fell I didn't stay with it and tried several times to buy it and then sold the NQ (Nasdaq futures). I'm sure it was a rough day for a lot of folks but just think of what this will look like in the summer and into the fall as the election nears.