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    Friday, April 25, 2008

    Afternoon update



    I suspected today might act like this. Stocks continue to meander, with no valid reason to be involved. This might be the case through next Wednesday with the FED announcement. I've been hearing a growing number of bullish calls out there, so it'll be interesting to see how the situation plays out. I'll continue to look for the same entries in the same direction, until the trends change. In market environments like this, it's critical not to get frustrated and lose capital on sub-optimal setups. The anxiety caused by repeated bad bets will seriously diminish a trader's returns, as they have less capital and focus when it matters most. If nothing presents, you must be able to walk away, so that when you do trade, it's on your terms.

    On the commodity front, I nibbled on the COFF etf in London. I would have bought a full unit on the signal, but as I already stated, today is NOT the optimal risk/reward situation. I'm hoping to get signals in Sugar, Coffee, and/or Cotton next week. Silver might take longer.

    It's possible I get involved on a stock trade before the close, but not very probable (check ticker). So far, it was wise not to short stocks today. Regardless of the prices where I get involved next week, I'll be more sure of the direction, and be trading from strength. At this point, some prominent trends are in question. That does not mean we trade counter to the trend, rather that we pick spots carefully and confidently. It does not matter if you are a bull or bear, both traders can be correct in their time frames. All that matters is that a trader consistently makes money over a series of trades.

    Slow times like this are great for reviewing your strategy. Have a great weekend!

     

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