Results of Thursday’s Best S&P Turning Points: The suggested short @ 3857.50 reversed for only 5.50 points. The prior buy and subsequent buy were runners for 27 and 23 points (see chart).
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 3830.50 stop 3826.25. Short 3902.25 stop 3908.00
The World Sentiment Index: (+100/-100) DIPS from -14 to -21 in a world of mixed sentiment and low volatility. Historically the close was higher than the open 56% of the time.
Catalysts: Maybe Chicago PMI @ 9:45. Little optimism to be found ending 2022 with sizable losses in the major indexes. Going forward the same hangovers exist; Ukraine war, recession possibilities, higher interest rates, and inflation.
Quick Tip: Optimism & Pessimism
Can they co-exist? Should they? Yes, but on different levels.
Starting the New Year, it’s common for you to set goals. You want to be optimistic about your trading, career, family, and the state of the world itself. It would be wasteful and unnatural to be pessimistic.
Those positive goals you set are in your “big picture.” Where you want to be a little pessimistic is in the details. How are you going to achieve them? You want to imagine the roadblocks and challenges that will inevitably arrive on your path to achievement. Once you see what those roadblocks and challenges might be, you must decide what to do about them. How are you going to overcome them?
Giving yourself a monetary goal from your trading is fine if 2022 was a great year and all you have to do is repeat what you’ve been doing. But if 2022 was not up to par, setting a goal for 2023 without acknowledging what needs to change is worthless.
Dream big for your success next year. Feel genuinely optimistic. Then dig down into the details, the “what you need to do’s” to get there and author solutions. Those solutions are the catalysts for attaining your goals.
Need some help? Join our trading team. We use evidence-based rules across multiple strategies, and constantly research and test new ideas. Click here for a no-risk 30-day offer. This offer expires January 1st. You can make 2023 your best trading year ever!
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