The intraday head and shoulders top I pointed out yesterday remains in play for the short-term, as you can see below on the SPY chart for yesterday and today. We are basically grinding sideways today. Overall, that is not such a bad thing given the fast moves we have seen in this market over the past few months. I have grind on my mind, and I not talking about taking a trip down to The Borgata to grind some 40/80 LHE games, though I am sure that would be fun. Instead, I want to see the market and many individual stocks firm up and cool off without seeing the return of violent indecision and wild price swings. I would be only at that point that buyers showing up again would likely present a much lower risk entry for patient swing traders.
For the rest of this session, though, I am not expecting much in the way of fireworks in either direction.
(That is noted poker and gambling author David Sklansky above. All of his books are worth reading for stock traders)
4 Responses to Intraday Look and Analysis: I Got Grind on My Mind
There was a day when you would have said “The Taj.” Does Revel have a good poker room? I haven’t been down to check it out yet but I would have expected them to build something to steal the action.
On a related note, did you see last week’s Poker After Dark when Bellande got sucked out on the river twice?! …sick!
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… chess, are you familiiar with Paul Phillips ?
Dude was the former Chief Technology Officer for Go2net.com before he cashed out at the height of the “dot com Bubble” … walked away with a fortune and became a Poker Player.
Really interesting guy ! imo
Never see or, hear much about him these days. Is he still active ?
… mic test 123 … mic test 123 …