Trading Game Plan This Week

April 10, 2023
Author: Peter Stolcers, Founder of OneOption

Know what you want and know how you will act if you get it. This is the key to position sizing.

PRE-OPEN MARKET COMMENTS MONDAY – As you know from my video last night, I believe that the market is due for a pullback. This bounce has come on extremely light volume and we are near the upper end of the trading range. Are buyers going to feel like this is the last chance to buy when credit concerns are elevated? No. Are stock valuations so compelling at this level that buyers will discount the soft round of economic news last week? No. The light volume bounce the last few weeks signaled a low level of conviction. If buyers were really excited we would have seen stacked consecutive green candles on heavy volume. This was more of a relief bounce. The Fed flooded the system with liquidity and there were not any new failures during the last few weeks. That sparked some short covering and some buying.

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