05/02/2012 Live Update

[locotero]

not exactly the rebound I'd like to see (I mean too weak), but well, count it as go as planed.

CObra:

I see a channel in 5 min chart since earning to the downside. today close in top of that channel.
can be?

thanks

[taggard]

Swalsh--

glad trading in the zone worked for you. talking about your experience may help newer traders (or those who have not considered the psych aspect). it's harder to get people to read these days so maybe summing up key points and offering them to this site could be of value.

i will look the book over again at some point given your take--and i am very interested in the general subject. in fact am actually writing a book on this general area for my own amusement only--trying to tie together everything i learned in school and in the real world both from a western and classical eastern angle. and keep it very simple and ideally amusing and in this way review and consider everything i bumped into.

good luck with your trading

[snakehead]

the only thing I can say is that tomorrow is the direct Venus Mercury aspect, and one astrologer I follow says that could signal a better than expected number on jobs in the morning and give a push to the market, but it is most likely a sell the news kind of situation, because we could be down into the 4th/7th....IMHO...

Hey, no crazier than my p-bars!

I've gotten more milage out of your crazy p-bars than anything else on this website.
(Except, of course, Cobra's channel discussions and symmetry predictions! )

My crazy crazy crazy -est prediction: SPY gaps up to 142.22 tomorrow and never looks back -- doesn't fill the gap until late July.

[Petsamo]

Someone asked for an opinion on RIMM yesterday. RIMM dropped an additional 5% today.

[TraderGirl]

Here is what could happen tomorrow and until the 11th...

Tomorrow morning, we could open lower or go lower (how far is unknown), then rally, but then I believe it is a sell the rally kind of situation. Friday I believe we have non-farms payrolls, and I don't think they will be good. We could be down into Friday or Monday (don't know which)...but most likely a C of (B) wave down.

But then we should get a nice rally next week....could be last major push up..??? I dont know, we will most likely get another push up around the the 20th, don't know if it is a new high, maybe it's a double top...

[Harapa]

My short term small cap model issued a buy signal EOD today.
Using TNA or IWM as a proxy for small caps, 23 out of 28 trades triggered by this model since 12/2008 were profitable (82% win rate). If you have been following this model, the last trade closed in a loss. Let's see what happens this time!

[xfradnex]

Someone asked for an opinion on RIMM yesterday. RIMM dropped an additional 5% today.

CNBC put a wooden stake in it yesterday. Stating that, they are just holding on to liquidate assets. Also had a contest, that let people on the web make uncomplimentry comments on their new keyboardless phone (without a keyboard a blackberry is nothing). Sounds like a set up for a short (sounds a bit illegal). Next time someone on tv is bashing something, I should pay attention.

[SWalsh]

Swalsh--

glad trading in the zone worked for you. talking about your experience may help newer traders (or those who have not considered the psych aspect). it's harder to get people to read these days so maybe summing up key points and offering them to this site could be of value.

Every time I see someone ask some else, "what do you think" I cringe.

Until people understand that trading is decidedly NOT about what some else thinks, because it has nothing to do with how another individual handles their trades and risk, this is a mere hobby. There are fewer top traders in the US than neurosurgeons. If people cannot "read these days", then we have become a total instant gratification society and no one wants to even lay the framework as to the best way to manage risk, control their emotions, and grow to a point where the mkt isn't Bullish or bearish....it just is.

I was hoping I'd get at least 5 replies as to reading the best book you will ever read that explains the mkt and how to work profitably within it. I thought about your suggestion all night and one can't post snippets of it here. That book is to be digested and internalized and it is laid out in a sequence to understand it. It's far easier to ask someone else, "what do you think" and then blame them if you managed the trade wrong. A very successful trader named Ed Seykota, who I had dinner with once, had a great belief: "Everyone gets what they want". Most traders just want to play the game and have fun. Few put the hours in working on a methodology that they can live with and manage. One does NOT need to know where the mkt is going to make money. A lot of people say, "I think it's going here, then to there, then back to here, and then a bigger move to there". Those people should place, "My ego thinks" in the sentence. Because when one is that invested in predicting the mkt it's not at all about making money, and especially not when machines can change the complexion in under one minutes.

If they say "The Kingdom of Heaven is within", it also surely applies to where any chance of making profits lie.