“In essence, if we want to direct our lives, we must take control of our consistent actions. It’s not what we do once in a while that shapes our lives, but what we do consistently.” – Tony Robbins

In case you missed our latest post on Trading Reflections, we encourage you to take the time to go through these thoughts. We hope that you will find something of value and please feel free to share this post with anyone who you think my benefit from being exposed to these points or simply from a healthy reminder. We feel very strongly about the need to stress a realistic and responsible message on these topics. Unfortunately, far too much focus is place on sensationalizing the business of trading and sharing dubious success stories rather than sharing more realistic, disciplined and constructive content.

No big change to out last outlook video and as we discussed in yesterday’s morning call the Grind Continues. As Sir John Templeton eloquently said, “Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.” We’ll just have to wait and see how this plays out but it’s hard to see what the catalyst could be for a correction and as uncle Warren suggested yesterday, unless forced to, it’s hard to see why anyone would want to book large unrealized gains ahead of a possible tax cut; all of which takes us back to an unexpected catalysts, even if it is easy to see that this could be. As we all know, the market is just in grind higher and ignore mode… and as we know, it can continue to gain traction in an aggressive manner until it doesn’t…

Some things to keep in the back of your mind: we still have an awful lot of potential headline risk, economic data in improving across the board, asset purchases will be reduced and CBs will continue to do a poor job at communicating future interest rate paths. And once again, consciously or unconsciously, the market will continue to be in ‘blinders on’ mode…

Here are two charts we are going to be focusing on today:

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.