Tech Focus

“In many ways, large profits are even more insidious than large losses in terms of emotional destabilization. I think it’s important not to be emotionally attached to large profits. I’ve certainly made some of my worst trades after long periods of winning. When you’re on a big winning streak, there’s a temptation to think that you’re doing something special, which will allow you to continue to propel yourself upward. You start to think that you can afford to make shoddy decisions. You can imagine what happens next. As a general rule, losses make you strong and profits make you weak.” – William Eckhardt
We’ll be back full time on January 2nd but in the meantime here is a snapshot of some of the most interesting charts in our tech chart-book:
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.

Chart Overview

“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
If you missed it, don’t forget to take a look at our latest weekly outlook video.
He are some of the charts we are going to be reviewing 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.

The Chop Zone

“An investment in knowledge always pays the best interest.” – Benjamin Franklin
We have been talking about expecting to see the VIX spike into the 13/15+ area before it manages a sub 9 daily close but little did we know that the fight would be concentrated inside the 10 to 9 range. Talk about chop and tight compression… as we have been saying, it’s just a waiting game; who is going to give up first.
On the currency front, as highlighted in recent video outlooks and charts, the focus remains around those 200WMA for most pairs with DXY giving you the best overview of the gravitation pull/pain trade currently in play.
In non 200WMA currency news, we would also start to keep an eye on this very important structural resistance on cable.
On the tech front, despite this aggressive o/n Nasdaq ramp (can’t stop won’t stop), we would still be keeping an eye on NVIDIA today and into the end of the week.
Note for active 50Scouts members: make sure you keep an eye on your inbox for a free pass to tomorrow’s daily webinar session (make sure to check your spam folder too).
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.