Beware of False Signals

Posted by Joe Duffy | Mar 8, 2024 | Joe Duffy's Trading Advantage | 0 |

More strength in the SP 500 than I anticipated on Wednesday. However, as I have said often it is not a stock market, but a market of stocks. Which means all stocks don’t all move together. In this case it means my short trades in Paypal and ARKK are still slightly profitable, because they have gone down more on the down days, then they go up on the up days.

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The attached chart of PYPL on a 15 minute chart for this week shows what I mean. My conviction is still that we will have weakness into next week. I will hold the shorts on PYPL and ARKK at least till then.

Thanks,

Joe

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Joe Duffy

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