With the market being so volatile, I believe the best option for swing traders is to stay sideline and watch until the definitive wave plays out itself. STI is still in that trading range, however in this trading range, it whipsawed with huge spikes up and down which could prove fatal if one is not experienced and tactful in handling the situation.
For today's plan, I am looking to long for a rebound. Of course, I will not be entering at 9:00AM when the market opens but patiently wait for a reaction first before any proactive trades shall be taken. I am not particularly interested in intraday trades because it involves too much emotion and the big money is not made there. However, should I see a rally in the making, I shall time my entry prudently and let my position ride along with the buying wave.
Ronald K
