Friday, May 07, 2010

Clarity and Miracles

Just a few quick thoughts on the day we'll all remember the rest of our trading lives, "Fat Finger Thursday." I have all the sympathy in the world for peeps that got the shaft in that downdraft, and no doubt, something went haywire. Meanwhile, the market was already extremely fragile for a week before this happened. It reminded me a a volcano about to blow, but it was difficult to pinpoint what was coming next due to endless months of ridiculous melt ups. There was a clue last Thursday though- we had a huge day up that day, but the NYSI was negative. A small, but generally overlooked detail that day from perusing the blogs. I was in-flight that afternoon and wished I could have screamed it out to you on this blog- it was the second time that week we had a huge move up with a negative NYSI reading- they were in distribution mode big time. For all of our charting, wave counts and so forth, it just goes to show that small details must be checked daily for those clues. It's not always enough to focus on one index or one chart, imo- and as technicians it's imperative we watch all the cogs in case they get stuck in the wheel when no one is noticing. The next day, Friday, we had a sell-off, and of course this past week has been something for the history books. On the macro level, we've been monitoring the individual European and Asian charts for months now, so hat's off to us for being ahead of the curve and having an understanding of how that cookie was going to crumble by merely watching the charts- it wasn't rocket science. This isn't the kind of background noise to be ignored - it's just like checking the NYSI for clues, as we really are just detectives looking for an edge in order to reap profits.

To the bears- remain paranoid until further notice. You know the drill. For those with a bullish outlook, be willing to be flexible in your analysis. As we all know, anything can turn on a dime, and it's more important to ask yourself where you could be wrong in your analysis, than where you could be right before you take that trade. Good fortune to us all, and all of our positions.

One of the pleasures of working on a trading blog is indulging yourself now and then. We've had an interesting week no doubt, but the weekend is here now, and it's time to pay ourselves in time and moments for all of the hard work. One of my greatest gifts in life is being "mom, mommy dearest and mommy" to some spectacular kids, but this one is devoted to my girls. They only call me "Mommy" when they're really in big trouble, - "Mom," is saved for those times I'm singing the lyrics to the muzak at the grocery store, or picked them up at school with an inflatable skeleton in the passenger seat during Halloween - the days when they would like to pretend they don't know me. It's payback for all the times they drew on my walls with crayons, stole my mascara and dueled each other with curling irons etc., and payback is well.. you know... I always tell them they only get a pass for not giving me stretch marks- everything else is fair game. I fully plan to jump up and down on their furniture when I'm 85, too. I've thrown down the gauntlet. No wire hangers!

I always remember to send my own mom a card and flowers on Mother's Day, but I also like to send my girls a thank-you note for allowing me to be their mom and watch their lives unfold in a most beautiful way. So.. to my girls, and my incredibly sweet, inspiring mom whom I nearly drove crazy, Happy Mother's Day. We have a secret code between us..."143," which equals: "I love you," and I really do. I wouldn't have missed this for the world. But please stop texting me that you'd like to see your co-worker staple her fat lip to her giant forehead six times a day. I'm busy trading over here! And daughter #2 - I know you took my favorite Sinatra CD home with you after Christmas. Give it back!

Now you male TTWrs.. don't let me find you forgetting your moms, wives or your daughters this weekend, or Nurse Ratched will pay you a visit. You'll never have a better sweetheart to see you through thick and thin, profits and losses... you name it. This is what we trade for.. we trade for them. To my sons: some of the sweetest words I'll ever hear are that you think I'm beautiful. Nice try... I think you are too, and no.. you can't use my VISA on Newegg dot com. To them all: You are my clarity in this life, when I grow up I want to be just like you…  you are all the gift I need this Sunday. 143

Have a good weekend everybody, and see you next week- be ready to trade!

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