This post is for Friday’s session November 11th, 2011 where we saw the market take off to the upside early on and then died, as it went to sleep at the upper range for the rest of the day.

With the day being a semi Holiday for some, traders and investors started early and finished early. There was strong demand as the hours past so the market was range bound.

I started the day right as the market was quieting down and could see that it was going to be one of those days.  I took a few trades but they just didn’t have any punch behind them. Day’s like that, it is best to step aside and wait for better opportunities.

With that said, I ended it close to even, but just slightly down. The trades taken are below.

In the daily charts for Monday’s session, there is likely some resistance coming in at S&P 1277 and in Sunday evenings night session I can see that we are up to 1265 while coming off a 1270 high.  I do believe we will see that high mentioned in Monday’s session.

While doing a training video with my group on Friday, I did show and mention this 1277 S&P number as being a target and temporary resistance for the very short term. Possibly a slight pull back off that resistance and then a likely push over it with conviction would not be out of the question and in my opinion is even likely. Weeks ago, I mentioned either to my group or in one of my posts, that if the S&P 1280 got taken out, the next resistance would come in at around 1308. Now that we are on the verge of the next move coming, I would be looking to see the market trade to that next target. This is after a potential pull back for a couple of day as we come off the 1275/1277 highs still yet to be reached.

The bullish sentiment is increasing, but currently we are only in the middle of that range and that says there is more room to push higher, if the market agrees. The next push higher if it comes, will really cause a lot of pain for the bears who have put up with bull move for weeks, thinking, “this MUST BE  a bear market rally, it has to be”, and I would have to say, “says who”.

Those who think that it has to be have closed the door to what is happening and have closed there eyes to other possible scenarios. If you close your eyes to anything that contradicts with your already made up mind, how is that a good thing.

Having conviction can at times make you a lot of money, but it can also cause you to go broke as you insist to impose your will onto the markets. The market does not care what you think and will just assume see you hold on to the bitter end as you then throw in the towel out of desperation. That is what the market does, and those who say that this has to happen or that this must go down, are not thinking clearly.

I am sure many have large Put positions in place waiting for this to crash and maybe it will, but that was not the likely play over a month ago and it is not the likely play now.

The market rarely does what the masses think it will do and all traders and investors can take a lesson in that fact.

Stay open minded and don’t go to far out. Read what is and project that out into the future to see what is the likely path of price. Prices move on stored energy and that gets displayed as a reflected wave back onto the trading screens of those that look on. The price moves are a reflection of that stored energy as it gets displayed in waves of movements.

This can be very predictive if you know how to read the market. This takes time and a commitment to excellence which many are never able to achieve, but there is hope for the ones who don’t give up and look to learn first before they earn. It is in the learning that confidence builds. It is in the learning that fear can be removed and replaced with a humble healthy respect for the markets at which point earnings can take hold.  Where do you stand in the big picture and where do you plan to go?

Trade well, trade committed