3 factors helping the bulls’ cause
index futures opened
Thursday’s session slightly lower after Wednesday’s strong move up, and after
failing at Wednesday’s high, saw some profit-taking after the ISM number
confirmed weakness in the nation’s manufacturing sector. But the sentiment that
the Fed may take a pause in its rate tightening due to the hurricane quickly
took over again and forced the shorts to run for cover. Also helping the
bulls’ cause was the 10-yr note slipping through the 4% yield level. The
afternoon became a tug-of-war between oil worries and interest rate optimism
that resulted in a pretty flat finish.
morning’s focus will be on the August employment numbers at 8:30 ET. An
increase of 190,000 in Non-farm Payrolls is expected, which is about the average
gain for this year and 2004. After Wednesday’s "dress ’em up" session,
today’s action looked like like an excuse to use all the news as a way to bide
time ahead of Friday’s reports.
Do You Have Confidence?
What is confidence?
Confidence is different than faith, which is a hope that leads to action.
makes things seem clearer, increases our ability to act, and creates an
environment where peak performance is possible.
Where does confidence come from? It can’t be purchased for $3,000, it can’t be
backtested or simulated, it can’t be copied from the pages of a book or article,
or even derived from our results. Confidence comes from within. It can’t be
bottled or stored, has a short shelf life, and has to be periodically
You can have confidence in many things such as your computer, your software,
your system, your skill, etc., but will that help you be a winning trader?
Unless your computer, software, and system are operating independent of YOU,
there is a missing ingredient. Believing that you have the capability to do the
right thing is the first step. Believing that you WILL do the right thing
follows with time and experience.
Confidence will keep you going when few things can. It points you in the right
direction and gives you something to work towards. It also makes you feel good
and last time I checked, feeling good and trading well are not-so-distant
relatives. Do you have confidence?
Daily Pivot Points for 9-2-05
Weekly Pivot Points for Week of 8-29-05
Please feel free to email me with any questions
you might have, and have a great trading week!
Chris Curran started his trading career at the
age of 22 with a national brokerage firm. He combines fundamentals and
technicals to get the big picture on the market. Chris has been trading for 15
years, starting full time in 1997, and has never had a losing year as a