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Thursday’s Best S&P Turning Points Results: Price chopped in a relatively narrow range missing both suggested entries.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3843.25 stop 3849.00. Buy 3702.00 stop 3696.25.
The World Sentiment Index: (+100/-100) JUMPS from -50 to +64 with all major world markets very bullish (except Tokyo). Historically the market closes up from the open 63% of the time.
Catalysts: Employment Report @ 8:30. Chinese markets soaring. Dollar down.
Quick Tip: Fixing Focus
Have you ever had a morning where your trading decisions were all wrong? Worse yet, the trades you passed on all worked out fine. Ugh!
The frustration can quickly lead to more mistakes and lapses in judgement. Revenge is the first one that comes to mind.
This happened to me yesterday. I was particularly bothered about it because I came into the trading day uber-focused and feeling great. My morning routine of breathing, meditating, and exercising topped off with a cold shower usually does that for me.
Solution? If you have and review a journal you’ll know what to do. In this case I didn’t need to read it. I knew the answer. Take a break and clear my head. After a 2.5-mile power walk, a light lunch, and some hydration, I went back in feeling top-notch again.
Result? Won it all back. Now that won’t happen every time, but it certainly won’t happen as much if you don’t take a break, re-focus, and come back clear-headed and fresh. Do this.
Trade Fearlessly,
Mike Siewruk
P.S. We've re-opened membership enrollment with a hefty discount. Check it out here!
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