A quiet day on Wednesday with no plays and 1 setup. Cal poly the last game of the day was a setup and it lost.
We are hitting the time of the season now where we are firmly in college hoop conference play. The lines have become very tight right now and that is why you are seeing a dramatic reduction in plays and setups. There will be days when we get are usual number of plays but there will be days like yesterday and most likely today. I do not manufacture plays. We have nice gains for the first two months of college hoops and no need to squander that away by loosening up standards. That is one of the benefits of being a subscriber in that it will keep you away from time where the betting is tough.
For subscribers I will be sending out plays shortly before game times. Also I have sent out an nfl play already. So if you have not received it just let me know. Or you can check my tweets on my private feed for it.
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Good Luck Tonight
Its here. The apocalypse is happening right before our eyes. The market is down another 2.25% as I type this which equates to the dow being down almost 400 points and hour before the open. Can it get worse….of course it can. Am I panicking….NO…Should I be…NO. I am not concerned because I am trading at levels that irregardless as to what happens day by day I can still think clearly and not let my emotions get involved. Thats the goal everyone that trades , bets on sports, or plays poker should strive to achieve. Proficiency is great but without the above you are toast!
Now saying the above I do not like what I see:) I am not a masochist but I know keeping a clear head and sticking to what has worked is the only way to go. The people that panic and sell because of the fear they are experiencing time and time again sell at major market bottoms. And then they are out of trading for years.
So today I am looking to manage positions. I only have on 1/2 a mean reversion trade in SPY and have no intention yet of increasing that. I have several shorts for breakout trades to the down side and a few other Mean reversion trades to the upside. My portfolio of stocks is getting hammered but in the scheme of things its a very small position. In addition to managing trades I am going to look for a stock or etf to add to a mean reversion trade. These are small positions that build up as the market get more and more oversold. And to say its oversold now is an understatement!
As an aside it looks to me that the market is playing chicken with the federal reserve. The Fed tightening right now in the face of world events, cratering commodity prices, and a potential debt crisis in over leveraged banks in the Oil trade is almost criminally negligent. The fed is there for one thing to provide stability to the markets. Not only are they not doing that they are adding to the instability by being on TV and bragging how they are going to increase rates. However one fed governor blinked yesterday and said “maybe we reconsider” based upon events. Compare that to Greenspan and Bernanke who made sure people knew they would do whatever it took to stabilize the markets. And the reason is market stability is essential to the countries Security.
So the incompetency of the Federal Government has finally filtered into the Federal Reserve. Have a fun day today:)
I will tell you tomorrow whether to join the line at the Empire State building. We are not there yet!
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