This week’s bounce is already toast as the tech sector melted down yesterday, dragging the S&P 500 index under 4,200 support.
Rising Treasury yields and political gridlock in D.C. dominate financial headlines, but it was GOOGL’s poor results that became one straw too many, and the index shed another 1.4%.
As I wrote, I was a buyer of Monday’s early rebound. While getting dumped out at my stops wasn’t the outcome I wanted, it was the one I expected.
As I’ve written many times before, two bounces fail for every one that succeeds. That means the odds of Monday’s bounce failing were high.
No doubt there are traders out there who think they have to win every single time, but anyone who’s been doing this for a while knows this is a game of numbers.
Approach this with a trading plan that limits our losses and maximizes our gains, it will always work out for…
