Sorry perhaps I was not very clear. I mean analysing the market and it's movement via TA, Order Flow, Volume Profile, liquidity flows or whatever approach of analysis it might be of the actual market itself. As opposed to looking at Economic indicators such as the ISM or Jobless Claims and then using that to determine where the market should go. The latter makes no sense to me from a trading perspective - in that scenario one puts forward an opinion of what the market should do and not what it is actually doing. I could get into a boring long discussion on the Keynesian beauty contest theory and maybe even the Reflexivity of Soros (I have put a lot of thought and research into this over the years), but basically I am saying I would prefer to analyse the market itself and what it is actually doing, rather than focus on something outside of the market. I have had immeasurably better results this way too, which is all that matters - do what works for you as they say.
The constant buying of every dip yesterday and as I’ve mentioned the incredible strength of many tech stocks have had me trading more long than short the last few days . I just didn’t feel much heavy selling yesterday even though it was down nicely at some pts . As I’ve said the mkt is looking very constructive at this time . For now I see a 2600-2900 base . If we break either of those will re-evaluate.Again never confuse the economy with the mkt.Were all just guessing were the mkts going to trade daily on what you see not what you believe should happen
There was widespread selling yesterday across all sectors, however right toward the end of the day it picked up, as well volumes were light, uptrends haven't broken.
Me thinks there's a lot of scared money around and many inexperienced traders are very twitchy, and bailing prematurely.
Jobless Claims should set the morning PA direction... should they come in higher than expected, we could see a strong move south! Traded short side last night till midnight... have zero bias coming into today...