The Daily Market Forecast
Thursday’s Best S&P Turning Points Results: The suggested buy @ 3650.00 stopped out.
Quick Tip: Reinvention
Great performers, traders included, never quit when the inevitable roadblocks and challenges arise. They adjust, learn from their mistakes, and move forward.
You’re heard the term “reinvent yourself.” Out of favor actors do it. Corporations do it. Sometimes traders must do it.
Like many traders who enjoyed the Tech Bubble in the late ‘90’s, I was trading a momentum strategy that printed money. It was simple and easy. Even during the crash, it performed well going short. Then it stopped working. The volatility dried up and the risk reward profile flattened. I churned out a sizable losing year after several great years.
When your strategy or style stops working, look at the current market conditions. It may be time to retire the strategy and reinvent yourself. All strategies don’t work in all market conditions. Markets change. You should too.
Reinvention in this case means researching different strategies to find one that resonates with your personality. There are plenty of ways to trade the market. Enjoying and believing in what you’re doing is vital.
Flexibility and open-mindedness are critical to continued success in the market. Just like any other profession.
The World Sentiment Index: (+100/-100) JUMPS from -43 to +14 in a world of mixed sentiment and modest volatility. Historically it’s a coin toss on direction and no difference in average gain or loss values from the open.
Catalysts: Personal Income @ 8:30. Chicago PMI @ 9:45. Consumer Sentiment @ 10:00. Scattered Fed-Speak. AAPL gets a downgrade. Pound rally continues.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3731.75 stop 3737.50.
Buy 3623.50 stop 3619.75.
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.