 Welcome to the Stock Squish Show market review of the spy. I thought I would be the spy today because I made a great call in this market today called a bullish and I actually started the market with power trend today and get over the high and have a huge green big green bar today this morning before 10 o'clock as exactly what's playing out here. It was a really really good read in the market because it was tough. I think a lot of people thought this gap down in the market today would fall because people are waiting for the market to fall for some reason. This idea of this market people think that it's extended and they want to short it they want to short it and they want to short it and I don't know why. There's no reason to short this here whatsoever and this idea of exhaustion or extension people don't get. I don't think the market is extended. I don't think it's exhausted. I think it's in a beautiful uptrend that isn't doing anything wrong and it really hasn't done anything wrong since the beginning of the year. Here we have January market came in got bought made a new high here the market came in got bought rested rested rested rested rested rested rested and it's continuing to rally. I know that people think because we have one two three four five six seven eight nine ten ten days in a row green bullishness people think that's extended but the fact is it's not the way it's set up the way the price action is traded the way that it's been doing a thing that's every day it's not extended the market is doing its thing it's going higher it's getting bought and people can shorting it and then the shorts are going to get stopped out. I mean people people are probably people are still probably thinking that this is extending and we're not here today and the market has had a beautiful concentrated very tight rally today that you had time to get in you had entries to take it I called in the morning here right before 10 o'clock at the market was going to power trend today go over the high and have a huge green day I called it right in here and I called it and said buy it put the stop under the low of the day and then I called an exact entry here in the five minute chart with a stop under here if you did that you're up you could lower the stop here you could have taken more in here next targets 195 194 the real target with spies 195 I should say that someone last night although at the time last night I didn't know the market would get up to this level here this morning but when I saw the gap this morning the first thing I saw on immediate when I first looked at it I said I have to look at the seriously because I thought well if we broke quick then we'd fall but then I took a serious more look at it and I said no no no I think we're gonna fake meaning I think we're gonna break fake lower and then flip and that's exactly what happened market broke the low rallied over the high people shorted this or bought it people right I know what to do in here some people right some people shorting it's confusing people didn't know how to read the gap then the market convincingly broke the low and immediately got bought nearly got brought into teeny teeny teeny tiny weenie support area and that is exactly what happened and in the market took off and somewhere in here I saw it it's just instinct and I knew and I knew it's gonna happen and we did the fake I thought we do I thought we'd fake lower and that's exactly what happened because we weren't gonna come in and we're not coming in and we're getting bought and this market will have a nice rallying to the close and the market will close very strong today it is 107 in the afternoon and this market is just gonna keep going higher and you could buy any pullback in this market today market will pattern trying all day and have beautiful setups and that's what it's doing three more hours left in the day 194 is inside 195 and it is possible that the market can have a big rallying to the close into 195 and if it doesn't I wouldn't be surprised at the market I'm gonna take these gaps up again tomorrow into that area so a very good lesson here to to understand is not to trade against the trend of something and yet many traders want to do that I think that's the reason there will always be a market and I think that's one of the reasons why I have a special gift in reference to my ability to read price in lifetime I'm very good at reading price in lifetime when something happens as soon as I see it it's part my knowledge of trading gaps and what I teach in the class and what I've been doing now years and I absolutely do have an instinct in order to read price action where I can see something to to say the market's gonna have a huge day just out of nowhere in the minute just just to say it out of nowhere this morning way before it even happens my ability to be able to see that something's gonna go to a level by reading the price on the given day is a talent it's a skill and I think that you can learn how to become a good skill trader you can because I've done that I've taught myself and the markets taught me a lot and now I'm teaching other people and you can learn what I know from me and I think that it is extremely important to understand that if you want to trade against the trend chances are you will not have good results in your trading and you will not have any longevity or consistency in trading the market and I don't care if you're a day trader a swing trader a court trader it doesn't matter what your position sizing is small or large you have to be able to get in trades of the right direction whether there's stocks in the market and to try to pick tops and bottoms is a very bad idea because that's how you get hurt people have had a difficult time buying this market that are traders because they feel it is extended so they're not buying it but you see how when I talked about the lecture on Monday Kramer said the market was extended here in the 27th you could have bought the market there and if you had you'd be up you'd be up $1.50 and many people didn't read this the way that I did and thought the market was extended here and look at it today let's continue in higher as well so because people felt that it was extended already and didn't want to buy it they're trying to short it because they're wanting to do something first of all you don't have to do something all the time there's days you could get up and actually not trade in some days I don't trade if I don't get something that meets my qualifying system okay some days you don't do anything maybe there's more than one day you don't do something in a week or a month which is certainly don't short a market that looks like this market is probably going to be bullish the whole year every type of negative data the market seems to shrug off the way that we rested for the first five months of the year is almost like the preemption it's like the it's like somebody working themselves up to to run a race it's almost like the first five months of the year that the market was doing its thing coming in squiggling around and people were thought it was topping that and we're trying to shorten it did the double top and it came in and people thought it was extended then because of the rally in 2013 but it's almost like all the activity in the market had from January through May was the market getting ready for a big race that has started started about a week ago and it's been on it's been starting it but now you're really going to see that effect and I actually wouldn't be surprised if June turned out to be an extremely in fact the summer I wouldn't be surprised June July and August ended up being a crazy bullish summer for the market I wouldn't be surprised at all it's almost like all the activity that happened the first five months of the year was waiting to get going for the summer and that actually goes against a lot of historical pattern data that people talk about which is sell and may go away and come back and buy in the fall I don't listen to things like that I don't look at things like that I don't do anything like that I take what's happening now in my time and I may look at historical price patterns but I don't look at any correlation between what's happening in the time periods of the year or the year itself or the months of the year or the weeks of the year I'm reading the actual price of things that did happen before but I am really reading what's happening right now and I am really reading the gaps in the market and you cannot not read what is happening right now the one of the reasons I'm very successful as a trader is I can read very well right now and that's why I trade aggressively in the morning of the opening gas and that's why I'm good at it so that has made me a good person to read technical analysis and read the price action of the market is really right now and the market is challenging sometimes to read today was such a challenging day to read the market I am certain that almost every trading room out there was looking at this market gap down today to be sold off with the exception of me and I am a person that likes to short you know so there is nothing more important that what's happening right now in the price of a stock or the market and you must learn how to read price accurately in live time to make accurate trading decisions and if you do not know how to do that then you know you can reach out to me and take my class and you will learn from me what I know over time trading with me doing the class and being in the room I think there's a lot of value to being in my life training room because the way that I think call things live and I think it's over and top and beyond what you get in the class you have to do the class as a prerequisite to be in the room because I believe that people need to know how to trade but you know this idea of selling a man going away and coming into the fall is not setting up the way people see it this year it was another reason people thought that this was all going to happen and come in here in May no so you can't just say because it's summer I think we're gonna ever really bullish summer it's really gonna be very interesting for people and then what's gonna happen is people are gonna see confidently then that the market is actually higher and they're gonna finally give up on shorting it by the time that happens the market will have a rally and then by the time the shorts finally stop stop shorting traders that are trying to short this there will be a rally the rally will happen the rally is happening now people will still keep trying to short it saying it's extended then those people will eventually give up on it and when that eventually happens then those people will be stopped out I'll push the market higher and then it'll go even higher and that's what makes that's what makes true extension then sometimes but even still there's opportunities to buy in here and they all need to be taken if you really like to go long and if you really want to go long the market and you could have gone on the market today was a great play actually considered doing it decided not to but I almost did and I really never go long but I saw it I saw it really early this morning really really really really really early this morning and there's just you know I can go on and on and on and on and on but there's many many support levels in stocks in the market there's a first support level secondary third or fourth it's just like resistance if you're looking at shorts and you didn't even know every level so you can't assume that something is going to hold any one of the areas you have to watch how the price action acts at that specific area and you can't have a bias where you insist that something is a short and you keep going after it going after going after it or a long and keep going after it and the price actions tell you it's not so if you thought this market was a short today and if you shorted this or anything where you needed the market today shorted any there was a lot of things that got down today and there really wasn't really that many good gaps down if you shorted this here and got stopped out you might have shorted again if it came in here and you got stopped out I'm sure some people tried to short this again in here I'm sure some people try to go after this again here was still early during 10 o'clock but around in here I knew then somewhere in here this market was that was a lot of the day in the market it couldn't be shorted it was a long but many times what happens is people won't give up on their bias they'll keep insisting to short take stop after stop after stop or take the position here not even put a stop and you can see what's happening here if you did not get out of a short position here in the morning and and people are still going to try to short this so the markets either going to rally up to 19375 today or 194 or fly just fly into the close and go to 195 but really to be honest with you 195 is a dream target for a day trade today for the spy but it could do it we got up to 19330 so here's the targets 19350 19375 194 after that 195 and if the market doesn't get to that dream target today could gap up to it tomorrow morning or anywhere above 194 if it doesn't get to that number today so expect this to follow through expect this to follow through here today expect this to follow through in a gap tomorrow morning if I get up tomorrow morning the market gaps down I have to look at everything very hard and that's what I did this morning I was focused I was really really really focused on reading this right not to just assume that I was going to get shorted like everybody else probably thought and specifically because the market was gaping down and it's had a nice run but the run isn't over it's really just beginning and I officially am putting this out there now actually it's going to be a very bullish summer which is the opposite most people seen the historical pattern data the way that people acted by in short stocks and it's because the people haven't been really invested in things for the first five months of the year and they've been waiting waiting waiting waiting and people do need to do things with their money and they do want to make money on things and it doesn't matter what time of the year it is they want to do it and if people think we're in a bullish market and they get a bullish run they won't want to miss it and they will buy and invest their money back into the market if you're in stocks and the market because they're going to want to get paid to make money and make profits and people sat on the sidelines a lot at the beginning of the year they were unsure is it coming in is it are we to extend or we this and that that's why you learn how to read price action you're for yourself when you learn how to read stuff for yourself you'll make your own decisions and even if you make one that's wrong you learn from your mistakes if you want to learn how to trade from me I'm doing a class this weekend June 7th and 8th it's called the Golden Gap class I believe it's a reason I'm very accurate at reading prices because I understand gaps and in my opinion there is no other better evidence of price than gaps you can tell a lot from a gap whether it's good or bad and all of that information helps me trade accurately this is Melissa with the stockswush.com if you'd like more information want to sign up for the class this weekend email me at Melissa at the stockswush.com thanks everybody have a great day