Did Anyone Get That License Plate?
We’ll skip the Wile E.
Market analogies this morning, but did anybody get the license plate
number of that truck? You know, the one that jackknifed at about 9:48 a.m. EDT
after going the wrong way on the early rush hour commute? Better yet, did anyone
see the one-minute nail in the road that caused the initial swerve and increased
the potential of the accident waiting to happen? (Of course, I stress potential,
as no one can ever predict the market’s outcome, and all we look for as traders
is a skewing of probability in our favor.) Congrats if you did, as we had
several confirmation signals of follow-through on a daily overbought condition
which led to an early intraday pace that more than made up for much of July’s
chop.
ThursdayÂ
August 2, 2001Â 11:30 AM EDT
I’ll be devoting
segments of a few upcoming columns to trading errors that I’ve made both in the
past and recently, which I think will be useful from two perspectives. First, I
believe that some of the best trading insights come from errors and losses, and
secondly, I think it’s helpful to reinforce that I and other folks trading for a
living struggle with many of the same challenges that everyone does and that
we’re far from immune to brain cramps, slumps and finding ourselves on
“that other side of the trade” on occasion. So stay tuned.
Good Trading.
P.S. I’m pleased to announce that I’ll
be hosting a daylong
QQQ trading learning forum immediately following TM2001 at the Venetian
Hotel and Resort on October 8, 2001. It seems like we’ve struck a pleasant
nerve with the Q column, and I look forward to sharing my thoughts and views in
a live forum highly conducive to learning and interaction, as well as simply
meeting many of you in person. So whether you trade the Qs or watermelon
seeds, consider extending your stay just a bit and we’ll combine some very
intensive trading discussions and some fun!
For
a more in-depth look at how Don trades the QQQs, click here.