Stick to Your Guns
Each evening we focus on the most interesting aspects for the upcoming trading day. The comments are based on observations of the nightly updates of the Stocks/Sectors and Market Bias pages. They are provided for educational purposes only and are not intended to be direct trading advice. Also, keep in mind that these remarks are made up to 12 hours in advance of the markets opening. Therefore, overnight events may alter the outcome of these observations.
At the time this is being published, the S&P Globex Futures are trading .50 points higher and the bond market is trading up 3 ticks.
Today, Jeff Cooper and I were talking. It seems that in these markets, no matter how much you make, you find yourself thinking how much more you could have made. We both agreed that this is where markets lull you in to a false sense of security-making you think that changing your trading style will bring more riches. At the risk of preaching, stick to your guns and dance with the one that brought ya-don’t change your trading style (i.e., become an “investor†versus a trader) just because the market makes it look “easyâ€.
On the Pullbacks List, Exodus Communications [EXDS>EXDS] appears to be rallying out of a pullback and MRV Communications [MRVC>MRVC] is consolidating at higher levels and looks poise to resume its strong uptrend.
Tonight we updated our Cup and Handle List. I especially like Ticket Master Online [TMCS>TMCS] which is also a pullback in a strong uptrend.
For you breakout players, Network Appliance [NTAP>NTAP], mentioned last night, still looks interesting to me as it broke to new highs and closed there today. Jones Intercable [JOINA>JOINA], on the New 60-Day Highs on Double-Volume List, broke to new highs (a) on an expansion of range and volume (b) today out of a high-level “micro†cup and handle.
Best of luck with your trading on Thursday!
PS – Reminder: Protective stops on every trade!