Its really been impressive to see... The market has continued to shrug off the bulls and embrace the bears at each turn. Usually we would see a bit of bounce down here at the lows and today was a good day for it being post employment announcement, a few more earnings coming in, and we were up +60 pts after the gap close.
Could it hold?? Nope, nothing... Frankly its hard to find anything that is running strong at this point (other than UNG from yesterday!).
Mr. Market
We've had some pretty bearish movement in the indices over the past several trading days.... Usually on days when the markets are heading down the metals and oil will head up and provide a good hedge against the decline. (We call this correlation.)
On Monday overnight and especially Tuesday that correlation is failing. The market is declining while Gold, Oil, and Silver are heading down with it! Is this the end of the Gold madness?? Maybe. At a minimum I think we are going to
Skippy, a friend of mine and new trader has been trading the YM mini-Dow sporadically over the past 18 months. Over that time he's been using a purchased off-the-shelf trading system from one of the "futures gurus" with mixed results. Although he hasn't achieved a consistent profitability he has succeeded in building a solid foundation in the following:
- an understanding of the underlying trading application and its mechanics.
- a preview into the consistent discipline required
The majority of new options traders are working full time and have limited access to the market during the day. This new project "midnight runner" is designed to teach those very people how to trade and with the goal to make $500 a month all the while building and improving their skills needed to become great option traders.
What I'm going to do over the next several weeks is to break down step-by-step my process to examine, create, and execute a new futures trading system that will
As yet another indicator of my diminishing computer skills (I was a computer scientist long ago) I tried to upgrade our forum software and made a HUGE mess of it. We ended up having to do a restore from an older backup and lost a good chunk of the past few months of posts.
If you have any questions, intros, etc. that are now missing feel free to repost and I will be happy to respond.
Mojo
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