The Daily Market Forecast
Monday’s Best S&P Turning Points Results: Shorting 3678.50 ran for 18.75 points.
Quick Tip: Goals & Style
If you were building your trade plan and your mentor told you to determine your trading style and set goals, what might they be?
Money probably came to mind first. Not a good goal, though. Money is a byproduct of skilled trading. Your goals should pertain to your development in becoming an expert trader. Style selection, trading platform usage, order entries and exits, research, documentation, review, all require practice and skill.
One clever way to determine your goals (for anything) is to make a list of what you DON’T want to do.
For example, there are so many ways to trade the markets and not every style or niche is going to resonate with you. Instead of trying to figure out what your preference is, start by listing what you know is not.
You may have no interest in reading public company SEC filings, buying stocks, and holding them for years. Another trader may have no interest in day trading futures contracts. The trading style or niche we adopt needs to be enjoyable and fun.
What you want becomes clear quickly when you list all the aspects you don’t want.
The World Sentiment Index: (+100/-100) SOARS from -14 to +57 with Tokyo & the western world very bullish. Historically lower closes from the open occurred 54% of the time with down moves 67% greater than up moves. Contrarian alert.
Catalysts: Factory Orders & JOLTS @ 10:00. Scattered Fed-speak. Slower interest rate increases is the theme behind the bullishness.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3777.50 stop 3783.25.
Buy 3718.75 stop 3713.00.
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.