Skid Row’d

I started this week off with a solid +6%, and by the end of today, it turned into +2%. What happened?

I ignored one of my rules which was to stop trading when I know it’s not the best environment to do so, when my odds of winning greatly decrease. My goal at the beginning of the week was my standard one: to make a 10%+ gain. By mid-week the goal was only to end the week positive (and I met it), however, I am grossly dissatisfied with my own performance in the second half of the week. Needless to say, that’s what happens when you get homo’d and you don’t move out of the way.

The difference is that I caught the mistake early while others were trading their way to “Skid Row” in LA. Trust me, you don’t want to end up over there:

I am gonna drink to a kick ass next week. Have a great weekend!

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UPDATE: ASIA Trade

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Market remains in consolidation, however current 3pm futures shows an immediate break from the consolidation, so keep an eye on it in the morning.

The sectors are very interesting at the moment. Looking at the SPRD Select Sector ETFs, I came up with the following:

XLV – Bullish (breakout)
XLB – Bullish/Neutral
XLK – Bullish
XLP – Bullish
XLI – Neutral
XLU – Bullish (breakout)
XLY – Bullish
XLF – Neutral
XLE – Neutral

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First of all, today is a “no follow-through” day. Highly cautious with intra-day trading.There will be many days like this, as it is typical from after Thanksgiving till after Christmas. I, myself, have winded down my own operations since I don’t see the point of messing up my best year ever. I continue to trade my own accounts, as always.

The SPX remains within a neutral range. It is neutral. That is it. The RUT remains as the weakest of the main indices.

Most stocks, not surprisingly, also remain in neutral consolidations. Don’t waste your time on something that won’t move.

Always make sure that you keep a winning attitude vs. a losing attitude (even when you are losing). I believe that the mental part of trading is more than half the battle. Play to win, not to lose. Don’t be scared money out there, for you will surely lose it. Read the Art of War by Sun Tzu and The Magic of Thinking Big by Dr. David Schwartz. Both great books that I highly recommend. A good trading system is nothing without the proper psychological conditioning.

Use my analysis of anything as a second opinion, and not as a primary method of making your decision. Since I am mostly human, I do make mistakes. Make sure that you always know what you are doing. Following people blindly will get you nowhere in your trading career if, at the end of the day, you are still clueless in what you did.

You can follow my twitter updates if that also helps: @WeeklyTA

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You need to stop losing and go make some money.

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The SPX is in a tight ST consolidation and it has been chopping around for 3 weeks now. Watch yourself.

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UPDATED SPX chart below (9:05AM). Looks like we will breach the 2 nearest support levels, breaking away from the short-term neutral consolidation. Support may be needed around 1070-1075.

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I got this e-mail from my friend Shane on January 30, 2008. Obviously, stuff has change since then, but I will just keep the wording as I got it. Since I’m a visual guy, I just like to look at the pics. Dubai better get their debt issue solved, or else POOF!

Hope everyone’s having a great Thanksgiving Day!

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Dubai in 1990 prior to the craziness:

The same street in 2003:

This is 2007:

The madness. Dubai is said to currently have 15-25% of all the world’s cranes:

The Dubai Waterfront. When completed, it will be the largest waterfront development in the world:

All of this was built in the last 5 yeas, including that island that looks like a palm tree:

The Palm Islands of Dubai. New Dutch dredging technology was used to create these massive man-made islands. They are the largest artificial islands in the world and can be seen from space:

Upon completion, the resort will have 2,000 villas, 40 luxury hotels, shopping centers, movie theaters, and many other facilities. It is expected to support a population of approx. 500,000 people. It is advertised as being visible from the moon:

The World Islands. 300 artificially created islands in the shape of a world. Each island will have an estimated cost of $25-30 million:

The Burj Al-Arab hotel in Dubai. The world’s tallest hotel. Considered the only ‘7 Star’ hotel and the most luxurious hotel in the world:

Hydropolis, the world’s first underwater hotel. Entirely built in Germany and then assembled in Dubai. It is scheduled to be completed by 2009 after many delays:

The Burj Dubai. At an estimated height of over 800 meters, it will easily be the world’s tallest building when finished. It will be almost 40% taller than the current tallest building, the Taipei 101:

Downtown Dubai:

The Burj al-Alam, or the World Tower. Upon completion, it will rank as the world’s highest hotel.:

The Trump International Hotel & Tower, the centerpiece of one of the palm islands, the Palm Jumeirah:

Dubailand.The largest amusement park collection in the world is Walt Disney World Resort in Orlando, FL. Dubailand will be twice the size:

Dubailand will be built on 3 billion sq. ft. at an estimated $20 billion price tag:

Dubai Sports City. A huge collection of sports arenas located in Dubailand:

Dubailand is expected to attract 200,000 visitors daily:

The Dubai Marina is an entirely man-made development that will contain over 200 high rise buildings when finished. The completed first phase is shown:

The Dubai Mall will be the largest mall in the world with over 9 million sq. ft. of shopping and around 1,000 stores. Was it completed in 2008?

Ski Dubai (already open), is the largest indoor skiing facility in the world:

Some of the tallest buildings in the world, such as Ocean Heights and the Princess Tower, which will be largest residential building in the world at over 100 stories:

The UAE Spaceport would be the first spaceport in the world if construction ever gets underway:

Other stuff:

-The Dubai Metro system, once completed, will be the largest fully automated rail system in the world.

-The Dubai World Central International Airport will be the largest airport in size.

-There are more construction workers in Dubai than there are actual citizens.

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*My girlfriend has already been to Dubai and I am the process of jacking her pics. Will update later.

The SPX is currently (at the moment) scheduled to open down over -2%. Keep in  mind that all of this could change come tomorrow pre-market. Support is noted below:

UPDATE: Some of the gf’s pics here from random places, like Ski Dubai, the Dubai Aquarium, a mall, museum, etc. Will have more up later.

Present-day Dubai (summer 2009):

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