The Daily Market Forecast... Decide / Correct

Thursday’s Results: The short @ 3817.75 caught the high of the session and ran for 51 points (if you used the wider stop suggestion). 

Quick Tip: Decide / Correct

Predictions, forecasts, and feelings. Helpful or not? You could argue that the only thing that matters is what price action is suggesting in present time. Fair argument. 

But are you prepared for what price action is suggesting? Are you using the correct strategy for the current market conditions? Will today be a trending or range-bound day? It’s helpful to consider this before you get started. If the market changes character then you can change your outlook. It’s good for your confidence to have an outlook from the start. 

I read a quote the other day that pertains. Nina DiSesa, named by Fortune magazine as one of the 50 most powerful women in American business (in 2000) said “You can always correct a poor decision, but if you do nothing, you can never get the time back.” 

Get in the habit of making decisions and correcting them quickly. Worrying about being “right” is a loser’s game. 

Learn more about multi-strategy trading.  Join me on Sunday July 10 @ 5PM ET for our new FREE mini class “Optimizing Multi-Strat Trading.” I know it may seem early to register but the class is limited to 100 traders and seats are filling up. Reserve yours now. 

Today’s Best S&P Turning Points (in fast moving markets consider a wider stop and less size): 

Sell 3860.50 stop 3866.25.  

Buy 3694.00 stop 3690.75.

Trade Fearlessly,

Mike Siewruk

P.S. With the Futures Globex session opening during the class, we might get to do some live trading together. Register now.