Trade Aptitude
Results of Friday’s Best S&P Futures Turning Points: Neither level triggered as the rollover to the December contract gapped above the suggested short @ 4496.25 last night. The breakout from that level is still open with 18 points of gain currently.
Today’s Best S&P Futures Turning Points (consider wider stops and less size in fast moving markets):
Buy 4499.00 stop 4495.50. Short 4598.50 stop 4604.25.
The World Index: (+100/-100) reverses from -64 to +21 with most major world markets mildly Bullish.
Catalysts: Nothing on the economic calendar. Waiting on CPI Wednesday.
Quick Tip: Bulls > Bears on 9/11
It’s hard to believe the 9/11 attacks were 22 years ago. I still have vivid memories of “not” trading that day.
Sitting on a 100% long swing trading portfolio of stocks and watching the news would seem doubly bothersome. Truth is I didn’t think much about the money or potential loss given the circumstances. It was overwhelming. There is a time when money simply doesn’t matter. Thankfully it rarely happens.
Markets are mostly a collective emotional argument. Since nothing can be much more emotional than 9/11 for the markets and being an evidence-based trader, I decided to take a quick look back over all the 9/11 S&P results for potential edge today.
Of the 21 sessions, 15 occurred on a trading day, 6 over the weekend. The stats include the Monday performance after the actual 9/11 date.
Price closed higher 71% of the time for an average gain of 14 points. Of the 6 losing sessions, the 2002 (first anniversary) and 2020/2021 (Covid) were sizable, the other 3 were near breakeven.
Bulls win this war, and it doesn’t surprise me or Warren Buffett who said “America has had no shortage of challenges. Without fail, however, we’ve overcome them."
Lean long today!
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Trade Fearlessly,
Mike Siewruk