Trade Aptitude
Wedneday’s Best S&P Turning Points Results: The suggested short @ 3869.50 was only good for a 7.50-point move. The breakout from that level ran for 19.00 points to the next level.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Short 3923.25 stop 3928.25. Buy 3792.25 stop 3787.00
Quick Tip: A Bag Full
Legendary golf coach Harvey Penick wrote in his best-selling Little Red Book that you could build a solid game of golf around ONE CLUB. The 7-iron. Amazing and true. More importantly, his wisdom can be applied to trading.
Your email, like mine, is probably jammed with dozens of “how to trade” offers every day. Your choices for learning strategies, getting trained, and building your trading skills are endless. In fact, you’re probably CONFUSED. Too many choices leads to indecision.
If Harvey were coaching you he would probably say “Simplify. Focus. Pick one and MASTER it.” Keep the 7-iron in your bag. Leave ALL the other clubs at home.
Good advice… for starting. Your score will never be competitive only using your 7-iron.
In our trading room we run multiple strategies that are tuned for different market conditions. We have many “clubs” in our bag and select the best one at the appropriate time.
Is the market trending? Got that covered.
Is the market volatile? That too.
Is the market quiet? Yup.
Is the market range-bound? No problem.
Once you master your first strategy make sure the next one is complementary not competitive. Make sure it addresses different market conditions.
The World Sentiment Index: (+100/-100) reverses from +21 to -21 in a world of mixed sentiment. Historically price closes above the open 56% of the time but losing days are 30% greater than winners.
Catalysts: Durable Goods, GDP & Jobless Claims @ 8:30. Xi Jinping offers an olive branch.
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.