The Stock Market is coming back from the abyss last night. Down over 1% at the worst of it, we are now seeing the losses approaching the 1/2% mark. The low on the ES was 2681 and we are now at 2706.
Volatility is here to stay for awhile. There is just too much going on right now and this market knee jerks on each bit of news that comes out. Of course, it does not help that the 24/7 news coverage is basically hysteria on steroids:)
Before I forget, most of you know I am an early riser most days. I get up early not only to go through my days trading plan but also to spend at least an hour or so reading some sites that I have on my daily reading list.
This morning I came across an article that applies not only to trading but sports betting, poker or any form of decision making.
Read this article, understand it, and you will have a very good idea what the mindset you need to have to succeed as a decision maker.
“To give you an idea of the concepts discussed:
You are responsible for everything that happens to you (and how you deal with it)
Anytime anything can happen”
The entire article is exceptional. I also highly recommend the entire site. It is very educational for all levels of traders.
While I am at it there is another author I read daily. Not only for some investment ideas but also for his dark, very dark sense of humor.
I have been reading his work for some time now. And there is not a day that goes by that he does not get me laughing out loud. He has a great mindset for trading, and occasionally has some very good tips on trades.
You might also want to take a look at the other five sites I have listed on this site, they all are very good.
As a trader, if you have tried going through the various sites, you know that there are 1000s. Most are worthless. Most are selling products that are worthless. To find a select few that are rare is a job. But that is what I have been doing over the years.
So we are opening down this morning, with most everything in the red except for TLT.
Financials are taking the biggest hit right now which is a negative, but QQQ is off the least and that is positive. But any way you look at it we have a negative bias this morning.
I tried a daytrade in SSO yesterday but the momentum changed and I exited the trade with a slight gain. Also, I am still holding UNP.
Today If we take a big dip I will be looking again for some mean reversion trades. This morning, however, I will most likely sit it out to see which way the market is going to head. I am a bit concerned that the market has not bounced more than it has overnight.
If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. Typically I talk about the overall day expected with the markets and also give some levels on the ES and NQ for failed breakout scalping.
It’s my private twitter feed for the stock market and its free. Sports Handicapping is the subscription-based part of this site. But considering the cost of joining it’s almost free:)
Good Luck Today
RickJ’s Handicapping Picks