Patience Is Rewarded

• August 24, 2001
• Dave Floyd

As we wind up
this relatively uneventful week, with the exception of the Fed
meeting, I can tell you that I am looking forward to starting the weekend early
and plan to stick around for the opening only next week. Historically, the week
ahead of Labor Day is notoriously slow, so take the opportunity to gear up for
what I hope to be a very busy September.

Yesterday’s session was pretty much a
yawn. A 9-point range for the S&P futures is not exactly the recipe for
ideal trading. The only good setup was after the announcement of the June
Federal Reserve meeting minutes. 

Looking ahead to today’s session, the
futures appear to be regaining the ground lost in the last 10 minutes of
yesterday’s action. My game plan is to continue to extend my time frame out to
trade setups off of five-minute charts, and will avoid “scalping,” unless
I see obvious signs of volume and follow-through.

Remember, the
patient trader will always be able to identify opportunities in any market.

Key
Technical Numbers: (futures)

Have great weekend, and feel free to
send me your comments and questions.

Dave