Results of Thursday’s Best S&P Turning Points: No trades were suggested prior to the GDP announcement. Afterward, we looked to short 4074.50 but that didn’t trigger until seconds before the close. If you’re comfortable holding after the cash market closes during earnings season you were rewarded with a 17-point plunge.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 4029.75 stop 4024.25. A solid short is far away at 4147.00 stop 4152.75.
The World Sentiment Index: (+100/-100) EASES from +20 to +17 in a mixed, low volatility world.
Catalysts: Personal Income @ 8:30. Consumer Sentiment & Pending Home Sales @ 10:00. Intel tanks taking chip stocks with it.
Quick Tip: Winning Trader’s Checklist
Trading is more about your outlook and behavior than you may think. Be honest and rate yourself on the following:
Patience: Are you comfortable waiting for the right opportunity?
Emotions: Do you let fear, greed, impulsivity, and ego cloud your judgement?
Learning: Are you striving to know more about trading every day?
Flexibility: Can you change your outlook and execute quickly?
Risk Management: Are you more concerned about profit than risk?
Journaling: Do you take the time to write about every trade result and how you felt?
Simplicity: Are your rules complex or simple?
Perspective: Are you concerned about the result of every trade or do you have a long-term view?
In our trading room we manage multiple strategies with edge and focus on our personal psychology as a team. Learn more here.
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