Possible Bottom Reached

Well Traders, it looked like it was going to open as a disastrous day. The DOW was down over $117 pre-market and the NASDAQ was down almost $19 at one point. However, by the time the markets opened, the negativity was tempered and we actually traded positive throughout the day. In the end though, the Bears won and the $NDX closed down $13 points ($10 of those points were in the last 35 minutes of the day) to close at $1,712.94. I am now only $62 points to the top of my Bull Put with about 9 days left.

In my favor today is the fact that we have a "Gravestone Doji" candlestick pattern, which could be a HUGE relief to me if the index pops a bounce tomorrow. A Gravestone Doji can be a Bullish Reversal Pattern meaning the index will bounce from here and help my trade out. I also have the 200DMA helping as support as well as the MACD and STO very low in their cycle. All these indicators may help me and point to some positive movement in the $NDX over the next few days. I could use some positive momentum about now!

I am also staying out of these Low Reward/High Risk Iron Condors for a bit while I learn a new, and better Iron Condor Trading Technique. The new one will give me a MUCH better Reward/Risk factor (and we are all about Risk Management), and allow me to "Leg In" to my trades. Once I learn more, I'll let you know how I am setting them up.

Happy Trading!