Saturday, May 29, 2010

Memorial Day Weekend at DDT’s

After a good trading week like we just experienced, it's almost bittersweet to do a comment cleaner, but this is a long weekend and I'm sure we'll all file in here at one point or another before the bell on Tuesday- so time to freshen up our cave a little, and share some ideas. It's been awhile since we've shared individual trades, so if you have something up your greedy little sleeves, please do share with the class, as we're always open to opportunities out there beyond the chronic SPX-speak.

I have only briefly scanned the charts in the aftermath, and have a few of interest going into next week. We just finished up week five of this correction, which is one week longer than any other pullback we've seen since the March lows. Is this a change of trend? I suppose we each have our own qualifiers for that, but no doubt about it, this is not your father's Buick, nor does it have the same feel as the February pullback did, imo. Personally, I want to see a death cross and watch those EMAs or SMAs all line up in bearish order before I put up my feet for the summer, sip mint juleps and work on my tan - but that's just me. You might say, "but K, you keep showing us chart after chart that is signaling a trend change is here," but truth be told, all we really have right now is fringe evidence, not the full Monty type of clues that will allow us to let go of our paranoia mode- and that goes for all of us whether we tend to like to trade long, short or both. Our job is to just continue to monitor all of the moving pieces, and this is sometimes where impatience can do harm. I know I'm a broken record, but this is where our group shines, in my opinion, as we all have things we watch individually and bring them to the table as a well-coordinated team. All hands on deck, traders. We need everybody's contributions right now, more than ever. I don't pretend to know everything there is about trading, (I hope I never do or there won't be anything left to learn and that's half the fun,) and I know none of you do either, so let's continue to teach each other, mentor each other and most of all watch each others backs. This is the reward of trading that goes well beyond ROI if you allow it to be.

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Lastly, take a minute.. just sixty seconds this weekend, to remember someone who is not with us anymore. This holiday is about remembering the soldiers we’ve lost in the U.S., but we have traders here from all over the world, and perhaps for you, it's someone in your life who was just a hero,  or someone you looked up to and inspired you to be more than you thought you could be. Be grateful for them, as most of us have made that promise we'd never forget them- well here's your chance to live that promise.  Enjoy this long weekend and see you all Monday night.



For our precious ones…



P.S.- for cycle watchers-  your weekend homework assignment… research Puetz Crash Window.  See if you can connect the dots up ahead for something we might all keep an eye on.  ;-)

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