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Last week started with rotation into the so-called back-to-normal (from Covid)  stocks like leisure, airlines, hotels, oil & gas, and financials. While those recovery industries were rising, interest rates were quickly accelerating putting downward pressure on tech stocks. Something broke on Thursday and the entire market started to pull back. QQQ closed below its 50-day moving average. SPY closed below its 20-day moving average. Momentum stocks as measured by the ETFs - MTUM and ARKK, had their worst performance since September of last year. The market is currently in a correction mode. 

There are two types of market correction:

  1. Sector rotation - the indexes remain relatively unscathed in move in a wide sideways range while money constantly rotates from one group of sectors to another. This is the most common type of consolidation. Basically, a stock picker’s market. 

  2. High-correlation pullback which brings down most stocks - the price action last Thursday was a good example of this. Most breakouts are faded or find very little follow through during this market environment. Short ideas work better but they often require going through a lot more volatility, using wider stops or selling the rips to declining 5, 10, 20-day moving averages in anticipation of another leg lower.

I believe this is a garden variety pullback that will eventually end up being another buying opportunity but while it lasts it can chop our account if we are too active. Corrections are good for future returns. Market leaders build new bases during corrections.What’s important is to protect our capital and confidence by not over trading or oversizing any new ideas. Cash can also be a valuable position.

Here are just a few of the ideas and comments I shared with subscribers last week:

Every trading idea is shared either via email conveniently delivered to your inbox or via a private Twitter stream which allows push notifications to your phone. Every idea comes with a suggested entry range, stop, exit guidelines, and a way to leverage it with options if it is appropriate.
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See the performance of all trade ideas I shared on my private twitter stream and weekly email.

See examples of typical tweets and emails I send to my members.

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"Hi Ivan,
I want you to know how much I am enjoying being a member of your service. I am very appreciative that you share your trade set-ups and alerts. I have previously tried several different services before finding yours, and I lost a lot of money with all of those other services. Your service really stands out above the rest! I consider your service to be more conservative, meaning quality over quantity. In my experience, the majority of services out there over-trade because that is what new traders want (that is my guess). With your service, I can get a good understanding of the overall market through your commentary and whether trades are being alerted or not. I most definitely appreciate your professionalism and humbleness. Like a breath of fresh air! Everything combined makes your service a trustworthy service. No other service I have had experience with provides the same." - Kimberly M.  

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Have you read my books?

Practical books that can transform your trading game

Swing Trading with Options - How to trade big trends for big money

Top 10 Trading Setups - How to find them, When to trade them, How to make money with them

The Next Apple - How to own the best-performing stocks in any given year

The 5 Secrets to highly-profitable swing trading

Crash - How to Protect and Grow You rCapital during Corrections

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Disclaimer

Nothing in this email should be considered an investment advice. Everything is for educational and informational purposes only. I might or might not have positions in the mentioned stocks and option contracts.

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