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Monday, January 4, 2010
ACCESSIBLE TERRAIN
The Stock Market Says HAPPY NEW YEAR!
The market held up its champagne glass at the open and did not let up today. New year, new money I suppose. Forget Santa, the New Year’s baby is handing out gifts for one and all and they are are lined in bullhide . As we mentioned last night we have several trades that were in need of the pullback, which we got last Friday. We entered some today and we will mention those in our newsletter following. Of particular note was the S&P pullback to its recent range breakout as support. The buyers obviously stepped back in. Before we get too excited lets not forget we are trading the stock market and anything can happen. The action today, however, is bullish and there is no reason to question it until given a reason to do so.
New Plays for the New Year
Many of the trades that formed a CROSSHAIR on the WEEKLY charts a few weeks back gave us some buy signals on the DAILY and INTRADAY charts today so we decided to take advantage of a few of them from a few diffirent sectors. We will see how they play out over the next few days. My trade trigger software also provided two potentially promising trades that we will also keep a watchful eye on. I will share one (MET) from the software with everyone here and the other 11 discretionary trades are for members only.
Doubt
As a trader it is tempting to doubt strong moves by the market, especially after hitting a 52 week high today. Doubting is human nature and part of the battle that wages within each of us. But if you doubt every potential trade opportunity you will never make any money. If your rules are met and you have a high probability trading edge as I do then you must take adavantage of the opportunities. As a swing trader who is very particular about my trades I know that the next opportunity may take some time to develop so I better not miss the current one. I do not want to miss the forest for the trees. Also, remember that on the other side of doubt is regret. Regret that you did not make the trade when your rules were met (and therefore you missed a winner) can be just as hard to swallow as taking a loss. Just keep in mind that you do not have to take a swim to enjoy the water when just a refreshing foot splash may do.
BATTLES WON (PROFIT TARGETS HIT): CCJ
BATTLES LOST (LOSS TARGETS HIT): NONE
TWELVE (12) NEW ENTRIES TODAY.
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