Success Is Not An Accident–Here Are Two Ways To Make Sure It Happens To You
Stock
index futures opened Tuesday’s session on slightly higher ground amid
encouraging news from the Insurance sector and lower Crude Oil prices. News
that the October Consumer Confidence report came in at the lowest level since
March sparked some short-covering, and after the initial surge, did a good job
of grinding sideways to work off the excess for the next move up.
The
December SP 500 futures closed out Monday’s session with a gain of +16.25
points, while the Dow futures tacked on +141 points, and closed at the best
levels of the day. Looking at the daily charts, the ES posted a higher high to
break its 10/6 downtrend line and settled just under its 100-day MA. I’ll be
looking for an oscillation range on Wednesday after this long candle, and
renewed short interest on a break of Tuesday’s low. The YM couldn’t quite
manage a higher high and settled right at its 10-day MA and 10/7 downtrend line
resistance. I’m still watching the 9622 area for the reversal on the daily
Butterfly. On an intraday basis, the 10/19 60-min and 30-min downtrend lines
were left behind in a trail of smoke. For you 3-Line Break followers, both the
ES and YM broke long on their daily charts with new break prices of 1095.25 and
9740 respectively. In the small caps, the ER2 is peeking above the range its
been trapped in and defined by its 20-day MA resistance and 50-day MA support.
               
Wednesday
morning gives us the September Durables report at 8:30 ET, with an estimate for
an increase of 0.5%, up from August’s decline. New Home Sales follow at 10:00
and the Fed’s batch of old news in the form of the Beige Book comes at 2 pm.
Looking Inside Yourself
What plans
do you have to continually improve yourself? How do you keep advancing in your
trading career? Books and study courses are important, but don’t forget the
“inspirational” and “therapeutic†quests either. When I look into a mirror, I
have nothing to fear because looking back at me is who I can be. Simply look
into the mirror and you will see the person responsible for getting you where
you are today. We seldom look inward to find solutions within ourselves. After
all, your present thinking and actions (or lack of actions) have created your
present situation. If you continue to think and act in this same manner, you
will keep getting the same results. This is not to say you have control over
every single event in your life. Because you don’t. But you do choose your
response to each event, although you may not think of your responses as choices
because they have become “ingrained†habits that have become automatic over
time. The best way to bring about change is through awareness by recognizing
your bad habits and becoming conscious of your fundamental beliefs. Your
beliefs create your reality. When you make positive changes in your belief
system, a corresponding change will take place in your level of achievement and
fulfillment. Recognize that success is not something that randomly happens to
you. It is not an accident. On the contrary, success springs from within you.Â
It begins with your ATTITUDE and is achieved through persistent action. Simply
look in the mirror, smile, and tell yourself you’re going to have a great
trading day!
Go Cards!
Daily
Pivot Points for 10-27-04
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Please feel free to email me with any questions
you might have, and have a great trading week!
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