Today is Friday, Christmas Day and this post is for Thursdays session December 24th where we had a shortened trading day.
No personal trading for me, but the market did have a good day, posting some gains against some pretty stiff resistance.
If the market was going to go up, it now has a green light to do so. The momentum on the 120 minutes chart is still up, but more important, the daily has turned up for the first time since December 2nd. That is pretty important for the bulls.
The numbers on market sentiment came out yesterday and I would say it is good news for the bulls. With the market showing strength all week it could have influenced the bulls to get a bit excited, but it did not move. The current numbers are still 52% bullish and bearish at a 5+ year record low of 16.7% for now several weeks.
The bullish number is the more important number and at 52%, says that there is still room for a rally. With the daily just turning up, it is very possible that we could see a spike in prices. If it happens, I would say to be cautious into the rally. The bullish percent is going to give you a clue if we are going to run out of gas, so look for it.
Taking the two together, posted as bull/bear ratio, today we are matching a 5 year high as of today. Below is the link that I use to see the numbers that I am talking about. As mentioned it is two days delayed but it is still good information. If you subscribe I am sure on time delivery would be yours on Tuesday. The delayed is OK for me, I just use it as a reference to give me some insight as to the, “Pulse On Wall Street”. So here is the link, and by the way, I have no affiliation to the site; http://www.market-harmonics.com/free-charts/sentiment/investors_intelligence.htm .
So, let me recap. Currently all of the momentum gauges that I look at when it comes to analyzing long-term direction is now pointing up. The monthly is up, the weekly is up, the daily is now up, the 120 minute chart is up. I can not say for sure that the market is going to go up on Monday, but the direction is pointing that way as of now. Just reading the current price action.
Below is something that may be helpful for planning and using your time effectively. Learning to trade can be time-consuming and things can get overlooked. The following can help you keep perspective and utilize the time you have to the fullest while still accomplishing your goals.
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Time Management
Factors To Include in Your Time Plan – There are some basic factors that all schedules need in order for them to be realistic and effective:
- PRIORITIZE. Write down all your tasks. Sort them into three groups: 1’s, 2’s, and 3’s. The 1’s are essential: do them first. The lower level priorities can usually wait.
- WORK TIME. Decide how much time the task requires, and how much energy. You may wish to include the task’s priority level to help make this decision.
- RELAX. Regularly plan time to relax and get it together. This time may range in units of 10 minutes to whole days according to your needs. You’ve earned this time off.
- EXERCISE. Exercise is essential for superior performance. Your brain would not function well if your body is tired. Stress reduces performance. Workout regularly.
- FLEXIBILITY. Allow extra time for UnForeseen Obstacles (UFO’s) that are bound to arise. Something almost always comes up to derail your efforts. Allow for it.
- FLOATING TASKS. Floating tasks can be done anywhere, anytime. Carry around a book that you need to read, some cards to review, or a letter that you need to write etc.
Compromise – Sometimes drastic change isn’t necessary. Learning to compromise can make your life more effective. Try the following suggestions:
- RE-PRIORITIZE. Change the importance of various tasks. Reconsider the number of hours of work you’re willing to spend per week, the number of hours you want with the family, and the number of hours for yourself and pursuing your trading goals. Are you trying to do too much?
- POSTPONE. Determine the priority of each activity or task and postpone lower level tasks.
- DELEGATE. Get someone else to do it. If it is a task that is not essential for you to accomplish, then this may be an option. Don’t forget to respect other peoples time before pursuing this option.
- SPEED UP. Sacrifice excellence for expediency. Get it done. Often, this may be your best option.
I hope this helps, when looking at the coming New Year approaching. Get a jump on things this week and be prepared for new beginnings. If you are organized in your personal affairs, you will have tilted the odds of success in your favor when pursuing ultimate goals and objectives.
Merry Christmas to all my readers,
Vince
Related posts:
- Steps For Establishing your Trading Goals
- Be Determined to Reach your Trading Goals this Year
- Trading & Risk Management
- Podcast – Achieving Your Goals
- Reach Your Trading Goals With The Power Of Concentration
Tags: daily chart, momentum, Price Action, time management
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