This is Sunday night, February 14th and a few comments from last week and the days ahead.

I am finally getting better, from feeling sick last week, so thanks for bearing with me. I still did a little trading on Thursday and Friday and have my results below. Hit my daily goal both days. I don’t want to take anything for granted, I have to stay sharp. Last week, there was a day, I was not so sharp, taking non method trades. I was able to recover, but I really don’t like doing that. Trying to trade when you are not feeling well is asking for trouble. It was a good thing I was able to pull it out.

We always have to maintain a high state of consciousness, being alert and focused. That is why, I don’t like to trade to long. It is hard to keep that level of focus for the whole day. You will get tired and make mistakes. It is imperative that traders take lots of breaks in between their trading session. Don’t let yourself beat you, because it happens every trading day the markets are open. Good traders, get beat, by even simple things like trading to long. Often, it can spiral out of control, trying to recover, with the now wrong mindset.

Last week Friday, we closed at the high of the day. I came into the day late, after 12 pm. I hardly ever come in that late and I did get a little intimidated by not having a lot of time. I rushed a few entries and went underwater a couple of points, but found the trade I was looking for and ran with it.

If the market was going to make a run for it, I think  Tuesday could be the day, Monday is a Holiday and the cash markets are closed. I see in the night trading we are down about 4 S&P points, but that doesn’t mean to much now. Friday’s session closed strong and that was the move I was in. It moved higher after the cash market closed, so this move back may just be filling in the gap.

Last week I did mention that the investor intelligence news letter market survey was showing some weak bullish numbers, which is bullish for the market. Those guys most always get it wrong, heard mentality. They pass that all along to their readers and the public buys into it and gets wacked. I have watched this happen literally for over 20 years, consistently. The bearish number is still a bit low, only 27 % feel the market will drop. That is number should be higher to get a good bull move. I am not going to focus much on that now. The price tells all and the current momentum short-term is up. The daily momentum is still pointing down now as is the weekly. The market has some work to do, for it to turn this back up. I am not so sure it can make significant new highs. A rally yes, even back up to the previous high is possible,  the rest we will have to wait and see. If it was going to make a move, Tuesday or Wednesday at the latest will have to be the day. I think it will, but a breakdown of 1060 on the futures will likely send us much lower.

Well, a new week awaits us with new opportunities, make the most of it. Until my next post Monday afternoon/evening, good trading.

Top is Thursdays Trades and the lower chart is Fridays trades.

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Tags: markets closed Monday