The Daily Market Forecast
Tuesday’s Best S&P Turning Points Results: The suggested buy @ 3689.00 ran for 28.75 points.
Quick Tip: Great Job!
Your focus when trading should be on doing the job well. That doesn’t mean winning. You can do your job well and lose. Why? Because we have no control over the outcome, only our behavior.
Here are your main “job” components as a trader: Research, practice, preparation, execution, and review.
There are plenty of analogies that compare traders with athletes, musicians, artists, and the military. These are all considered Performance activities. So is trading. Think about how much effort the successful of those put into these same “job” components.
I’ve found the definitive work on this subject is in Dr. Brett Steenbarger’s book Enhancing Trader Performance. In fact, his publisher could have named it the Trader’s Bible, but there are too many similar titles out there. Read it, act on it, and watch your trading change for the better.
The World Sentiment Index: (+100/-100) PLUMMETS from +36 to -71 in a very bearish world. Historically the market closed higher from the open 54% of the time with gains 15% larger than losses. Modest contrarian view.
Catalysts: International Trade @ 8:30. Powell @ 10:15. EIA Petroleum Status Report @ 10:30. Scattered Fed-speak. BOE buys bonds. AAPL lowers production of iPhone. Treasuries higher.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3709.25 stop 3714.00
Buy 3577.25 stop 3573.50.
Trade Fearlessly,
Mike Siewruk
P.S. Multiple strategies, software tools, teammates, and coaching. Learn why you should join our team here. For a personal consultation to assess fit (without selling) email me for an appointment: mike@thedailymarketforecast.