Snap, Crackle And Pop
“Snap, crackle and
pop” went the Qs this morning as
stronger-than-expected ISM data led to an early exhaustion spike which has since
settled down near key trend supports as we approach midday. The SOX has
continued to play a leadership role today, having thus far held the key 600
level, as the rotation game continues, with the Nasdaq this time leading the
broader indices. And while there is no question the market is overbought on a
short-term basis and I remain focused on potential reversal triggers, there is a
time for everything and respecting trend supports UNTIL violated with volume
will separate the success stories from the kindling (see yesterday’s
column).
Tuesday March 5,
2002 12:00pm ET
I’ve received a
great deal of mail in response to recent columns and was struck by this recent
excerpt:
“Hearing that missing moves are part
of other traders winning game plans helps me keep my head
straight. Thanks for the info.” J.K.
To that point, I personally believe that missing trades is a mandatory
part of the game plan, which helps breed discipline.
Good Trading!