Based on the way the futures traded last night, I am fighting the urge to be long right now. However, I only care about how the S&P cash index trades. So far it's given me several clues to say that the price movement since Tuesday's high is corrective. The spike in the futures last night has nearly cinched it for me, but seeing how I will be away from the screens Friday, I'm hesitating. After all, the pattern has not yet proved to me in the cash market that it's not an impulse wave down. Ugh.
Specifically, I want to see it above 1362.70 to show an overlap. The futures have done that overnight. But cash hasn't. Yet.
Even if the pattern is corrective, there is nothing to stop it from falling further. That would mean accumulating longs as the position goes against you. Not always fun, sometimes destabilizing, but ultimately profitable if you have the nerve to hang in there.
I know how I'll feel on my snowmobile trip if I miscalculate due to breaking a trading rule. I simply won't enjoy it as much. This is one of those times that it's just not worth it. Where my friends and I are headed on Friday takes us almost off the edge of the map -- no mobile phone coverage, no internet. When I get there, all I want to do is unplug and just enjoy.
Smart, clear, level headed thinking.. Your trading judgement is very refined. It calms me to read and unbiased assessment of this market by the numbers. Thank you! k
ReplyDeleteWow, thank you K! I am very deeply humbled by your words. You are very kind to say that. Thank you ever so much.
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