S$P up 5 days in a row a feat that has not happened since December of 2014!!!!!! Now I keep hearing how the markets are building up against resistance and that its time to take profit...after reading some articles and thinking about it I'm actually thinking the markets break to the upside...with so many thinking a sell off is near because every time the indexes get to this point they sell off I'm going in the other direction and saying the S$P should easily rally to 2000+ and maybe even move alot higher....however I'm still sitting with my prediction of the markets revisiting August 24 lows...keep in mind earnings season is coming up so its going to make for interesting market moves...
When i started trading many years ago, stockbrokers here in London charged me 1% of the trade order, subject to a minimum of £20 ($30) plus 0.5% stamp duty (this still exists) and another 1% to close the position. Something similar for options. Insane. When i started trading on the floor of the exchange, i couldn't believe the tiny costs...something like £1 or less per future or option (all in).
Thats 34 points from today's close, which isn't insignificant from a swing trader's perspective. A good entry is everything in trading, because without a good entry, there can be no good stop loss.
zero risk, zero rewards http://www.azquotes.com/picture-quo...ortcut-to-poverty-jordan-belfort-86-37-84.jpg
Resistance: 1999,2017,2020 ps: when you guys talk about the 90s, i remember a guy called Roy Bloomberg who was the market analyst at NBC (before it turned to CNBC), i also remember i had no computer back then, all i had was graphic paper, a ruler, a pencil, the WSJ and a calculator to plot the price filters (moving averages). Orders were given by phone and you kinda knew everything about your broker, his family, his kids. Different world today. All good for me.