Wednesday, October 28, 2009

Fait Accompli?

There is nothing like laying out a plan, watching and waiting for solid signals and planning your trades, and I know many of us have been doing all of this and more for not just days, but weeks on end, so pat yourselves on the back for a job well done, and putting some faith and trust into your TA work. From keeping an eye on gold, oil, the trannies... you name it, it takes a lot of diligence and hard work to make what outsiders think is "easy" money. It's anything but easy money, as we all know. Moving on.. here is my current look at SPY (forgive me, but my feed is not letting me generate a chart on SPX currently,) and what I'm tracking in the short term. My only advice is: don't jump the gun if you're trying to scalp long here, as the game seems to have changed considerably, and there is more heavyweight economic data coming out tomorrow morning, as well as what is supposed to be the last POMO auction as far as I know. Good luck and good trading!!! ~Keirsten

Added: Consider the psyche of those who are still long as you trade as well- and let volume be a good guide going forward. Yes, there will be bounces, but those who are caught long are most likely in fear mode if this continues, and we can use that to our advantage. ;-) How do I know this? Because I've been on that side more times than I'd like to count.

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