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    Wednesday, May 14, 2008

    Morning update


    I wish I had more to report, but the markets aren't offering much, so I'll keep my comments brief. We remain in a low opportunity environment, and didn't even have to make an adjustment to position sizes yesterday, much less place a new trade. It's a fact that in trading these times occur, and all the trader can do is adjust. I think the only upsetting event was getting close to, but not actually getting the signal to short Treasury bonds, just before the massive decline yesterday. Signals that set up, but don't actually trigger, are symptomatic of the range bound markets we've been experiencing. The silver lining is that this "mood" won't last forever, and we're probably closer to the end than the beginning. Be careful not to get lulled to sleep!

    One trade that did trigger this morning was the stop out in the SUGA etf position. It's funny how a new trader views stopping out. They'll almost always continue to follow the price tick by tick, after they exit. Their emotions will still be invested, being happy they exited when it goes lower, or being disappointed if they "sold the low". The professional trader simply moves on to the next setup, choosing to conserve his energy for the next challenge. Again, low opportunity markets are a distraction, as the trader has too much time to obsess about the last trade because nothing new is in front of them. To the pro, it barely matters which trades work and which don't, as long as he consistently applied his system. You'll read many trading maxims through the years, and the funny thing is they are correct. I cannot say exactly why they click, all of a sudden, but they do. Just keep up the good work.

    Specifically relating to today, I still see some setups on the horizon, and I'm searching for the next catalyst. I'll continue to "trade around" my current position, which is slightly short (EEM). I don't feel today will present the "big one", but we're not far away from a very tradable move. I'm making a conscious effort to stay relatively neutral, as the next leg could be in either direction, but I prefer to be short from higher prices rather than getting long here. That's not meant to confuse, instead it tells you that we're mired in sloppy action. Be careful and conserve capital.

    Perhaps it's the slow market action, but I've been getting lots of great e-mails from readers. I really appreciate the questions/comments!

    1 Comments:

    Blogger Luciana said...

    Great post, keep up the good work.

    May 14, 2008 10:26 AM  

    Post a Comment

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