Confirming Signals
Confirming Signals
Last night we had three CVR buy signals (and three other confirming buy signals) on the Market Bias Indicators page in spite of the stock market dropping for the day. Today the S&P futures exploded more than 24 points higher and the Dow closed 169 points higher.
If there is one lesson to be learned from this site, it should be that multiple confirming signals are superior to individual signals. Dave Landry appropriately pointed out last night in his Trading Outlook that “there are no sure things in trading†but when this many signals say the same thing, it is always best to give them added attention.
If your goal is to trade successfully for many years, you can remain patient and cherry pick your trades when the odds are greatly in your favor, as they were last night.
Markets To Watch: Ascend Communications [ASND>ASND] and [LU>LU] are tightly wound up and poised for large moves on the equity side. Also, the June Dollar Index [DXM9>DXM9] on the futures side looks interesting.
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