By: Steve Smith
Full disclosure, I am writing this at 7:30 Monday morning.
Normally, I like to keep these as much in “real-time” as I can, so I can address any anomalous action in the market right away…
However, today I’m going to be swamped keeping track of several positions on our watch list.
The market enjoyed the news of 0% inflation increase for July that came out last week, which means we need to keep a close eye on things…
Will the market break out into a bull run, or will we see the downward trend resume?
I have my guesses, but at the end of the day we will see. The prediction business is not one traders should partake in.
I learned early on that opinions can be disastrous to trading, so I just trade what the market gives me.
I rarely have a true opinion, the market does not care about our opinion.
That said, I ALWAYS follow the technicals.
They say that in the short-term the market is an opinion poll, but in the long term it’s a weighing machine.
That’s why fundamentals mean so little if you are holding trades for a shorter period of time.
The technicals represent the opinion of the market maker…
And that’s why I follow them.
The market is still way over valued to buy and hold… In my opinion anyway. (There’s one of the few I do have…)
Anyway, I’ll have my nose buried in the computer all day watching the Options360 portfolio and looking to see if anything on the watch list presents an opportunity for us.
This week could be an amazing week for Options360 members.
I promise once you try it you’ll never leave!