Daily Profit Compass November 16

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Trade empowered and prepared using the Daily Profit Compass market outlook as your guide. Detailed trading plans, key levels and timely commentary on the indexes will keep you on the right side of the trade.

Yesterday saw selling out of the gate but reversed at the 10:30 am market pivot and ramped to the bell. While the 1% rally was nice, the price advance was capped below key technical levels. Therefore my intermediate term outlook for prices on the major indexes is lower.

I believe there has been a shift from “buy the dips” to “sell the rips”. We’ve seen that price action over the past several weeks and I expect it to continue as institutions continue to de-risk their portfolios.

I have short positions on serveral Semi names as well as the $SMH. In addition I am short $XRT retail ETF. I will be watching those 2 sectors closely today after dreadful earnings reports from $NVDA / $AMAT in semis and $M / $JWN / $WSM in retail.

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Chris Buss

I am a professional full-time trader that has been involved with markets for over 15 years. I use technical analysis to seek out and discover objective long and short swing-trading opportunities. I use options in my trading to leverage these opportunities while defining my risk. I look forward to helping you become the consistently-profitable trader you aim to be!

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