Results of Thursday’s Best S&P Turning Points: Shorting 3981.50 only offered a 4.75-point scalp.
Today’s Best S&P Turning Points (consider wider stops and less size in fast moving markets):
Buy 3948.75 stop 3943.00. Short 4050.25 stop 4053.75.
The World Sentiment Index: (+100/-100) SOARS from -14 back to +64 with all major world markets bullish. Historically price closed below the open 62% of the time with 3X the loss versus gain (contrarian alert).
Catalysts: PMI Final @ 9:45. ISM Services Index @ 10:00. Fed’s Monetary Policy Report (tentative).
Quick Tip: Are You Gambling?
The uninformed frequently mistake trading for gambling. But even the trader who knows there are similarities and differences doesn’t always focus on the keys to taking the “gamble” completely out of their trade plan. Consider these and audit your personal trade plan for compliance.
1. Trading uses probabilities from carefully researched historical performance to ensure success. Gamblers use chance.
2. Trading requires careful risk management including stop loss orders, diversification, and monitoring market conditions for rule changes. Gamblers rarely consider these tools.
3. Trading styles vary based on time horizon. Day, swing, and position traders understand the expectations of each and are not reactive to swings in short term results. Gamblers react to short term changes in their luck.
4. Traders know their success is largely dependent on their knowledge, skills, and personal psychology about winning and losing. Gamblers skip the time and effort it takes to master the game and depend on luck.
5. Traders have realistic goals based on their strategy’s historical performance. Gamblers thrive on the “big win” and not on consistency.
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