This crapshoot market keeps rocking everyone's boat, bull and bear alike. It's best to sit on the sidelines and wait for a killer set up, i.e. Q gap close below at 48.35 or ES gap close above at 1489. The middle is just too costly, unless you play the opening reversal and play golf the rest of the day. This tape is for suckers who feel they need to trade every day (been there, done that and I still do it...).
Brett Steenbarger compiled a good list traders should check when they "lose control": link.
To which I add overtrading, the biggest enemy a trader faces. Try this for a cure: limit yourself to three round trips a day for a week. This will force you to think harder about your entries and exercize patience.
There is a constant bid under the belly of this market since the week before Labor day. It's as if someone is working on jamming the shorts. I have a bearish view of the economy, but I also am very aware of the excessive pessimism which needs to be worked through. In other words, the market might surprise bears in the coming days, especially during option expiration week.
Brett Steenbarger compiled a good list traders should check when they "lose control": link.
To which I add overtrading, the biggest enemy a trader faces. Try this for a cure: limit yourself to three round trips a day for a week. This will force you to think harder about your entries and exercize patience.
There is a constant bid under the belly of this market since the week before Labor day. It's as if someone is working on jamming the shorts. I have a bearish view of the economy, but I also am very aware of the excessive pessimism which needs to be worked through. In other words, the market might surprise bears in the coming days, especially during option expiration week.
This entry was posted
on Thursday, September 06, 2007 at 9/06/2007 04:54:00 PM.
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