Results of Thursday’s Best S&P Futures Turning Points: Shorting 4206.50 stopped out immediately. Same result as yesterday though. Make sure you take the breakout after the failed reversal. This one ran 14 points. 

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

Buy 4182.00 stop 4178.75. Short 4271.75 stop 4277.50.  

The World Sentiment Index: (+100/-100) slumps from +50 to +14 with Asia struggling and the west modestly Bullish, Germany’s DAX near a record. 

Catalysts: Nothing on the economic calendar. Fed-speak @ 8:45 & 9:00. Powell speaks @ 11:00.

Quick Tip: Hindsight

Have you ever looked at your trade result and thought to yourself “If had a bigger stop it would have been a winner” or “If I don’t use a stop I’ll see more winners because this market just swings up and down.” 

What you’re experiencing is...

Results of Tuesday’s Best S&P Futures Turning Points: Choppy narrow price “in-action”, nothing triggered.  

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

Buy 4118.25 stop 4115.25. Short 4154.50 stop 4157.75. 

The World Sentiment Index: (+100/-100) dips from +14 to -7 in a world of mixed sentiment and low volatility. 

Catalysts: Housing Starts @ 8:30. Crude Oil Inventories @ 10:30. Debt ceiling updates. 

Quick Tip: Slow Days

Yesterday was slow. So slow that even a multi-strategy approach like ours found it tough to get an entry. 

You’d expect credit spreads on the SPXW would be ideal candidates for the expected range-bound day. Rules of entry vary but for us we never triggered the Bear Call side of the Condor. 

Just keep in mind that you don’t have to trade. You’d like to, but you’re better off...

Results of Monday’s Best S&P Futures Turning Points: Neither level triggered and remain on the chart. 

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

Buy 4118.25 stop 4115.25. Short 4186.75 stop 4190.50. 

The World Sentiment Index: (+100/-100) PLUMMETS from +64 to +14 in a world of mixed sentiment and low volatility. 

Catalysts: Retail Sales @ 8:30. Industrial Production @ 9:15.  Business Inventories & Housing Market Index @ 10:00. Scattered Fed-Speak. Debt ceiling updates. 

Quick Tip: Disagree?

In Stephen Covey’s bestseller, “The 7 Habits of Highly Effective People”, the 6th habit is Synergize. The concept of synergy is real and born in nature. You’ll need to read the chapter (the whole book would be better) to get all the details and proof. Just assume it’s true for now. 

Think about this: If everyone you...

Results of Frday’s Best S&P Futures Turning Points: Neither level triggered. 

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

Buy 4118.25 stop 4115.25. Short 4186.75 stop 4190.50. 

The World Sentiment Index: (+100/-100) SOARS from +14 to +64 with all major world markets Bullish.

Catalysts: Empire State MFG Index & Goolsbee on CNBC @ 8:30. Kashkari @ 9:15. 

Quick Tip: Anticipation

Plenty of time in trading is spent waiting. Waiting for a setup, waiting for an economic release, waiting for a profit target. Lots of waiting. 

Here’s how to make this “downtime” productive: Get proactive. Get in the habit of asking “What if…?” questions. Answer them. In doing so you’ll be making decisions in advance and be able to act on the spot. No wondering, guessing, procrastinating or flat-out missing the trade....

Results of Thursday’s Best S&P Futures Turning Points: Neither level triggered and remain on the chart. 

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

Buy 4096.75 stop 4092.00. Short 4186.75 stop 4190.50. 

The World Sentiment Index: (+100/-100) jumps from -14 to +14 in a world of mixed sentiment and low volatility. 

Catalysts: Import Prices @ 8:30. UM Consumer Sentiment @ 10:00. 

Quick Tip: Adjusting

The levels offered here have not been even close to filling the past few days. The daily S&P range has been tightening. Other than Wednesday's CPI action, price has barely moved. 

Time to adjust. While yesterday’s levels remain on the chart, here’s a trade that will more likely trigger: Buy 4145.50 if price drops from above, short 4139.25 if price retraces up from below. Use 5.75-point stops.

Why this level? It’s the...

Results of Wednesday’s Best S&P Futures Turning Points: Neither level triggered and remain on the chart. 

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

Buy 4096.75 stop 4092.00. Short 4186.75 stop 4190.50.

The World Sentiment Index: (+100/-100) jumps from -50 to -14 in a world of mixed sentiment and low volatility. 

Catalysts: PPI & Jobless Claims @ 8:30. 30-year Bond Auction @ 13:01. 

Quick Tip: Need to Know

Curiosity leads to learning. We want to know the “what, why, how, when & where.” 

All good. Except in day trading. 

At 7:00 ET this morning the S&P and oil broke their ranges and dropped fast. Gold did the opposite. My impulse was to find out what happened. I was curious, but does it matter? The trade setup I would enter at that time would likely last less than an hour. Do I need to...

Results of Tuesday’s Best S&P Futures Turning Points: Price chopped in a very narrow range, neither trade triggered. The same levels are valid today.

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

Buy 4096.75 stop 4092.00. Short 4186.75 stop 4190.50.

The World Sentiment Index: (+100/-100) DIPS from -36 to -50 with all major world markets mildly Bearish.

Catalysts: CPI @ 8:30. Crude Oil Inventories @ 10:30. 10-year Bond Auction @ 13:01. Debt limit politics. 

Quick Tip: Filter or Not? 

Are there market conditions that your strategy performs better or worse in? Probably so. Price is either trending or not and volatile or not. These are very different conditions and knowing with evidence how your strategy performs in each of them is important. 

Why? Because you’ll be able to filter out trade setups in conditions that are not ideal. These...

Results of Monday’s Best S&P Futures Turning Points: Neither volume level triggered. 

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

Buy 4096.75 stop 4092.00. Short 4186.75 stop 4190.50.

The World Sentiment Index: (+100/-100) PLUMMETS from +50 to -36 with most major world markets Bearish.  

Catalysts: Nothing important on the economic calendar. Waiting on CPI tomorrow. 

Quick Tip: Is it Fun?

In James Clear’s awesome book Atomic Habits, he reveals “The Truth About Talent.” While there is a genetic component to the answer, it’s not the only component. 

Talent also comes from learning, training, and practice. But before you agree to dedicate yourself to all that work, you need to really like what you’re doing. It’s difficult to persist when you don’t like something. It’s easy to persist when you...

Results of Friday’s Best S&P Futures Turning Points: Shorting 4141.50 offered a 14.25-point run before reversing. 

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

Buy 4096.75 stop 4092.00. Short 4206.50 stop 4212.25.

The World Sentiment Index: (+100/-100) continues up from +36 to +50 with most major world markets Bullish. 

Catalysts: Nothing important on the economic calendar. 

Quick Tip: Smart Money 

Media sells ads and that requires readers/viewers. Unfortunately, negative news that scares and creates fear tends to win out over the positive news with most people. 

Take the plunge in the banking sector for instance. Last week I suggested a tool to add to your swing/position trade plans using insider buying as a filter for stock/option selection. That day, there were several banks that had significant insider buying reported to the...

Results of Thursday’s Best S&P Futures Turning Points: Neither suggested volume level triggered. 

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

Buy 4059.25 stop 4055. Short 4141.50 stop 4146.25.

The World Sentiment Index: (+100/-100) jumps from -7 to +36 with most major world markets mildly Bullish. 

Catalysts: Non-Farm Payrolls @ 8:30. AAPL comes through, risk-on mood today. 

Quick Tip: Three Q’s

The best formulas for success are simple. 

“The starting point of all achievement is desire.” Napoleon Hill

“You do not rise to the level of your goals; you fall to the level of your systems.” James Clear

“To begin with the end in mind means to start with a clear understanding of your destination.” Stephen Covey

My favorite which applies to every trade comes from Keith Cunningham, author of The Road Less...