One of the recurring characteristics in the S&P future contract is buyers showing up at the value area low of the prior session. They defended the key level again today, stopping sellers at the VPOC from yesterday just above the value area low. We are certainly experiencing aggressive appreciation in many equities. While I continue to note levels that could signify a change in sentiment, the bulls are continuing their march into the weekend once again.
A close near the high of today’s session could signal increased conviction by the buyers. As we approach three PM (show time) I want to clarify what I want to see to stay constructive on my longs.
I key off the S&P and if we near the close trading above 1494 and better yet the VPOC at 1495.50 I’m keeping all my exposure. I may consider cutting one of my weaker names should we lose these levels, but everything else will stay in place unless we take out the low of today. Taking out today’s low would put many new longs into question going into the weekend. 2013 is the year of certainty we don’t have time for weakness.
Aside: Listening to Icahn last night and his tangent on the reverse-Darwinian nature of CEO succession stirs up the little voice in the back of my head. I’ve never fancied myself a corporate type, what with the schmoozing and the stupid luncheons and the hierarchy. I spend much of my life here and for what? A salary I make bi-monthly on my own? I may have to take the leap hear soon folks (no suicide, yes full entrepreneurship). Oh the humanity of losing dental and health. I really only need the catastrophic coverage as my body age is 18. I’ve stood at the lip of this crevasse for nearly a year, contemplating the leap. Eight out of ten say don’t do it. Developing…
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That’s because eight of ten have done nothing themselves. GO.
Thank you Jworthy, I abhor mediocrity.
If you’ve got the body of an eighteen year old, then now is your time to gamble. Only thing to consider is how you’d spend your time… More activity doesn’t equate to more profits.
I’ve thought about this, what to do with all that TIME!
First priority: quit tinkering with this trading algorithm and get it live.
Next: Catch up on my reading. I have six books that are 50-70% read.
Finally: Take this blog game to the next level. Three nights this week I’ve fallen asleep halfway through a data dig.
I would like to cook more, too.
I plan on continuing to be “the ghost in the machine” with my business. It seems to run best with me outside most of the decision trees.
Quit my job as a programmer in 2007 to develop my own software. Coworkers didn’t understand, thought it was risky, etc.
Have been “independent” for 6 years now and can’t imagine going into an office again. Working less hours, making more money, and working from wherever I can set up a laptop. Do it.
You are the man larry congrats. Thanks
Quit wasting your time. I made the leap in 2005 and it was easily one of the best experiences of my life. Granted, things are much different in my life at this point, but that decision went a long way to forge who I am today. Stop contemplating and just do it.
Leaving the tender womb of salary. Whew it’s gonna be good