Peter's Market Update February 27th

Good Morning,

The market showed a bit of indecision yesterday but ultimately every attempted move up was met with selling. This morning we are seeing another pretty severe gap down, as well as a big spike in the VIX. My focus today will be mostly on watching the SPY and a handful of names for potential Gap n Reverse day trade setups. I don't have a swing trade watch list for today as we really need to let the market settle in a bit here as it is getting into some key areas of potential support with a VIX that is looking to open at 30. For those of you who are newer to trading, it is the highly elevated VIX that is more concerning to swing trading than anything else. Right now we need to remind ourselves that cash can be a position until the volatility settles down a bit. We also need to keep in mind that pullbacks like this are never easy, but they bring us fantastic opportunities once some support is found. For now, I am not in a hurry to get long, and I don't want to chase a gap down entry for any short trades. Hopefully tomorrow we can have a nice list of names to look at.

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