You have to realize Wall Street and the government control the media, the data, they control everything. This whole time the market was climbing in 2003 some indicators were diverging I kept thinking any day were going to crash the economy was not creating very many jobs. Some were calling it a jobless recovery. Well it just kept moving up. When it would start to weaken the Fed or Treasury on some company would jaw bone it higher. The index futures are a marvelous tool for market manipulation. Itâs much cheaper to jam the futures over night and gap stocks open, than it is to have to open stocks flat and push them higher, thatâs very expensive. The one thing that kept earnings and retail sales chugging along was credit and a lot of it. Every cycle is a little different, 2004 was an election year that may have had a lot to do with the 2003 rise. Donât forget we have a 2010 election cycle. You best bets will be to wait for dips scale in, then scale out, shorting as we saw today in the last three minutes can blow your whole week in 3 minutes, if your on the wrong side. IMO itâs all rigged to the upside. Just like last year it was a rigged to the downside.
Copper looking bullish, nice pennant formation. This will bode well for stocks. It's a sign of recovery. Don't ask me were the money or the jobs are going to come from.
Look I have worked many jobs in my life some as a brick layers helper in the summer in Texas. That is hard work. But nothing has been as hard as trading for a living, most wonât make it they give up after loosing over and over, having there stops hit time after time only to stare in disbelief as it picked them off and then went back in there predicted direction, man what a bad feeling. We have all been through that itâs tough. Trade in the direction of the intermediate trend. Scale in and scale out. Thatâs what works for me. Commitment commitment commitment, anything worth while is going to take a long time. To me this is the best job in the world. Iâm glad I stuck with it. Sometimes I think about all the people looking for any kind of job and it just makes me shiver, I thank god I have the markets, I love the markets. The market is like a grindstone it can either grind you down or polish you.
interesting journal! i can feel you speak from real experience . . . this means your journal has value for all of us traders here any thoughts on stops? i love them and hate them at the same time, i don't know, i just don't know anymore . .. any rules of thumb where to set them? thanks varima
This is looking just like 2003 divergence occuring but the market kept getting juiced during off peak hours, just like 2003.