I know a lot of you addicts could barely get through this long weekend without suffering from trading withdrawals, and have just been tapping your fingers waiting to get this party started again, but hopefully you took at least a little time away from thinking about where the tape might head when the futures open up tonight to rest up and enjoy yourself? Good on you if you did. I think part of the frustration lately for me is the tendency to see the carrot on a stick and then the tape is left in limbo land with various patterns or counts, or whatever... that could easily go both ways. Oh wait! That's how the game is played! :-) One thing I know for sure, they need cash to hurl this higher, and if they’re depending on short covering to get the job done, we just had four days of a rising tape, so the question in my mind is: how much short juice is left after last week to accomplish that mission? The deviant thing to do would be to take the tape below obvious spots of support to lure in more shorts, only to whip it back on them. Why change the game when it’s been working for nearly a year? Just something to think about. One of the best things about this trading forum is that we share various methods of TA in our efforts to extract profits from the tape, and although we sometimes have various conclusions/direction in mind, we keep an open mind to all possibilities because, guess what? None of us know for certain what happens next- we can only surmise what might happen and be prepared to act with a solid trading plan. Good trading to us all this week, TTWrs. Try not to bring your bias to your trading station this week. The tape is meant to fool the most, not to bring your TA into fruition, so adjust accordingly as it progresses. The charts below do not include overnight action on the futures, and Jimmy crack corn, because basically nothing changed anyway. P.S.- this might be the only trading blog out here that didn’t mention Greece this weekend. Oh wait, I just did! :-)
 |  |
 |  |
 |  |
 |  |
 |  |
We rarely discuss the Dow often on this blog, but this weekend lull is as good of a time as any, and here’s my latest wish list on a chart.
 |  |
 |  |
What I’m listening to today-composed by the fabulous Monsieur Michel Legrand
Fitting while we wait for whatever we’re waiting for, yes?
