In trading, the vast market consists of neophytes who are looking for magical answers to make lots of money quickly and with little risk. They want specific ideas. They want to be told exactly what to do. Those looking for such things will not find them. They will not be successful as long as they continue to favor the easy over the truth.Curtis Faith on January 22, 2010
In my last post I quoted Richard Dennis, though that quote was taken from "Stock Market Wizards" (Not from famous "The Way of the Turtle" written by Curtis Faith )
And I truly agree that trader who wants to "survive" has to pick the side – either day trading/very short term swing trades or longer term (at least few months or even years – just what I cannot do)
Few bears left barely alive look really ready to turn into the slather house, they will not even object, no attempts to fight, they know by now – they meant to be slathered.
Anyhow, today's close was quite interesting, but not for (SPY) – it barely moved.
What I am watching is (QQQQ) and 46.59 in particular. It closed right under (attempt to get above were made, but for now failed). Why do I care? Wave structure on daily has not changed – w-5 did not extend though I should not really care because not A nor B ever materialized on cubes…such a mess all over the places. (Don't get me started on IWM and MDY).
The only "good news" for the bears today was a lot of smallish inverted hammers like candles all over the places and right at TDST lines.
That concludes my tonight's mumbling (I am still not quite back from Gourmet, Blackjack and Spa land of New York/Atlantic City)