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Happy Thursday, everyone!

Yesterday was a sea of red, and today isn’t looking much better (at least yet).

I warned you last week about the SPY death line at $445. I knew if that didn’t hold, we’d see quite a bit more downside.

Well, that broke on Tuesday, and what happened?

Another big drop on the index, exactly like I said.

Folks, I’m giving you this advice for FREE–insights from over 20 years of market experience.

Bullseye Trades subscribers get much more, so join the community right now.

The selling started, and it hasn’t stopped. Any hopes of a rally yesterday ended when the Fed released the FOMC meeting minutes.

Looks like rate cuts are off the table, more hikes are on the way, and commercial real estate is in trouble.

As I write this, I’m looking at a bounce I discussed in my Bullseye Unlimited subscriber email this morning.

You won’t find hardly anyone else talking about this, but we’re sitting at -100 on the following chart, and I am sure you’re asking yourself, “So what?”

This is one of those weird osciallators I follow pretty closely. When it speaks, you need to listen.

You see, every time (but once) in the past four years we’ve hit this level, we’ve seen a 4% rally in SPY over the next 30 days.

Plus SPY and QQQ are heavily oversold and sitting just at the 50-day EMA. It’s been a key level of support since late March.

We got a pop this morning so let’s see if this plays out.

So it’s time for our end-of-week trade review.

Here’s how my Bullseye Trades worked out that I laid out for my members on Monday this week (before the market opened).

META crushed earnings, then fell.

It’s a powerhouse stock with lots of big money interest. Unless the whole market falls (which is always possible), it was oversold and ready for a bounce.

So I sent out the following alert to my Bullseye Trades subscribers outlining my outlook on the stock.

Included was the complete gameplan for how I would trade it, including the SPECIFIC OPTION I was looking at.

So what happened with this trade?

I got filled at my target price on Tuesday and sent out the following alert to Bullseye Trades subscribers.

Seeing META dip a bit more, I decided to add to the position as per my plan.

Subscribers know immediately when I place or close trades.

Ok, here’s where the plan changed.

My stop was a close below $295, and yesterday’s close was at $294.29. However, the market drop yesterday was on news, not technicals.

META was only slightly below my stop loss and sitting just above its 50-day EMA. This is a major level of support and institutional buying.

So I opted to stay in the trade.

I’m looking for a continuation of this morning’s bounce to push the trade into profit.

We’ll see how that works out. I’m optimistic.

But if things get too bearish, I’ll just take a small loss. No worries at all, it’s just part of trading.

I’ve had so many winners recently, this won’t make a dent. And another opportunity is coming MONDAY next week!

Have a plan, but be flexible. Like the old military quote says:

“No plan survives first contact with the enemy”

Always leave open the possibility of modifying your plan based on new developments.

I’m NOT saying to trade emotionally – that’s suicide. However, I’ve been for so many years I’m comfortable making adjustments.

And you’ll get there too.

Join Bullseye Trades now and start getting the options education that will take you to the next level.

You’ll get my complete game plan every Monday, unlimited access to our training library, the trading ebook “How to Become an Alpha Hunter,” and alerts on trades I make sent directly to your Raging Bull app.

?Tomorrow, let’s dig into how exactly how I set up a trading game plan.

Before I ever buy a stock, I always have a game plan in place for what I’ll do if it doesn’t work out.

It’s a crucial part of being a successful trader, and I have learned a lot about who to do this so I don’t panic when trades don’t go my way.

To your success,

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