Friday, June 18, 2010

Emini Futures Trading / The Odd Indicator Is Now In Play

(SPY)(GLD)(QQQQ)(DIA)(IVV)

How Odd Is It?
So glad you asked. The easy answer would of course be "Very Odd". The true definition of this particular oddity can only be determined by your own research. Why? Because I refuse to give you the easy answer. Why? Not because I'm mean spirited, I just want to encourage you to begin to do your own work. Why? Because I want you to learn how to become a Trader. A Real Trader!  

"Simply having money in an account somewhere does not make you a trader" per my dear friend, business partner, and muse David Williams.

My point is, this thing called Trading, as easy as it looks on the surface, is possibly the most difficult thing you will ever attempt. After 8-10 years of study a man can really become a doctor. Post graduation he has a legal right to practice medicine and hang a fancy diploma on his wall. Now God forbid, he should somehow along the way mis-diagnose, mis-treat, or mis-prescribe, but if he does... at least he has malpractice insurance to cover his arse.

Give a decade to law school and guess what - You're A Lawyer! You may not be a good lawyer, in fact you might even be a lousy lawyer, but that diploma on the wall still gives you the right to legally take clients to court and take their money no matter what the outcome.

Now the Trader on the other hand, may or may not have gone to college. In fact, he may have barely made it out of High School. He might have a high level of ethics or he could simply be a degenerate gambler. Despite his education or lack thereof, he has the ability to earn more in one day than our hypothetical Doctor or Lawyer will earn in a year. 

He can also lose as much or even more. Did I say "Even More"?  I thought I did.

Tonight my wife and I were watching a  Tivo'd edition of Last Comic Standing. Towards the end of the show I said "Honey, a lot of people are scared of clowns, but comics, they really freak me out".  She turned her head and with a very solemn look said "Yep".

Forget Clowns, forget the Last Comic Standing, if you're a Trader, go look in the mirror. Who are you? Are you excited, depressed, hopeful, hopeless....?

The market is odd right now, my call last night while technically perfect to the tick, was as prophetically wrong as a market analyst could be. I said the market would "Do Something" when in fact it "Did Nothing".  And in doing so, confirmed the bigger picture which was defined and published last Sunday night. 5 days ago we said the market would not exceed 1118 this week.


The Odd Indicator Is Now In Play!



(note: We experienced some technical difficulties during today's broadcast. What you will hear on this Podcast is simply the audio portion of our Webinar with Michael from Stack Trade and Burt from Daniels Trading. Our technical issues prevented us from completing the remainder of the program. Our Systems Engineer has corrected the problem and we look forward to a full broadcast when we return to the airwaves on Monday.)



Weekly Trading Zones / Weekly Results 
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Trade Stalker Daily Results
The ES popped up to the 1113.75-1114.25 early shorting zone (per the nightly update) on the open, and it dropped to 1109.00 before turning back right back up. The rally took the ES to the 1116.50-1117.00 key area, and it made a small double top at 1116.75 and then broke down to 1111.75. Then a bounce kissed new resistance at 1114.50 on ES and 1918 on the NQ, and they fell 1110.00 and 1905.25 respectively before bouncing. Updated resistance at 1114.00 was a lid and ES dropped to 1110.00 at the close. Click here for FREE Trial!



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Stack Trade Daily Results
Pray Hard & Trade Safe!
CT

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