Take Me To The River
I’ll try hard not to use
the overused “gap and trap” phrase this morning (ok, too
late), but I hope no one got fleeced with the market’s impression of Wile E.
Coyote. You know the scene…the one where he steps off the cliff before finally
realizing he’s standing in mid-air and then holds up the “Help!” sign?
On the NQs, 1700 continues to be a key psychological level, along with the usual
15-period MAs.
Tuesday July
10, 2001Â 10:55 AM EDT
One Market
I’ve found over the years that trading one market, whatever it may be, has led
to the most consistent results. While some find it invigorating to skip from
stock to stock or from one news blurb to another, it’s been my experience that
entries can easily be mis-timed unless one stays with the market for a while to
allow for scaling in and out, stops and reentries, etc. Like some, I consider
trading one market analogous to paddling in a single river where one can
inadvertently fight the current for a time, yet the river should ultimately
point the raft in the right direction.
Stay dry and watch out for products from Acme.
For
a more in-depth look at how Don trades the QQQs, click here.
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