If you felt pain from 2:00 to 4:00 yesterday then you have no one to blame but yourself. Why?
Because each day we lay out a playbook for the day and on Thursday we noted that FOMC minutes were due at 2:00 p.m. EST. We ONLY list key events for the day that can move markets as opposed to all the bullshit put out by tons of websites and sell side firms.
Today after the Jobs number we have factory orders at 10:00 a.m. EST and then several Fed speakers in the afternoon. THESE WILL BE KEY AFTER FOMC ANNOUCEMENT THAT STATED QE3 COULD BE COMING TO AN END AT THE END OF 2013.
Unless you are a fucking Swami, we find it better to initiate new positions after such events and be aware that markets can move on such news.
Tiger Woods plays a course for several days before a tournament begins and has a course book he uses from the current year and all past years to review before the tournament kicks off on Thursday. You need to ask yourself if you have such a course guide to the markets? If not, then at a minimum use our Daily Playbook.
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