“In my experience, I have to say that there was very little critical difference between the net winning traders and the net losing traders in most areas. All of them had good understanding of the basic market fundamentals, used a solid technical analysis or research of some kind, and exercised a lot of personal discipline. The one thing that stood out, the one thing that separated the net winner from the net loser, all things being equal, was that the net winner had a trading plan in addition to his other skills. The net winner knew he was up against not just the market and his competitors, but he was up against himself, too. To guard against the possibility that he (the trader) could blow himself out of the water at any time if he wasn’t careful, that trader had a plan.” – Jason Alan Jankovsky
Not much has changed to what we have been discussing in our latest weekly outlook video and supporting charts. Grind higher in equities despite all of the broader geo-political event risk; markets have a way of taking on a life of their own. As long as this continues, there is very little edge in being aggressive trying to fade these moves.
As we head into NFP, one of the most important chats to keep an eye out on is Crude. Let’s see if this can accelerate lower and if we get the usual price action into and post NFP on the equity side…
As always there is no substitute for real-time/live action; if you are interested in attending a daily morning call into NY with a more detailed live discussion on all the charts and ideas we highlight/review in the outlook video and here on the blog, you should check out our Daily Webinar Group.