My discussing heretofore must be brief as I was swept into the hype that was the Apple event and now only have a few minutes before traversing across town to my local torture purveyor, the dental surgeon. It is difficult to have a clear read on today’s session right now without seeing the close. Nasdaq went neutral print when we made new swing highs, found a strong responsive seller, and as I type we are working lower, likely to test the MCVPOC at 4066 [update: done]. The difficult read comes from not knowing where this will close.
A close on the lows would be the first neutral extreme print to go out on the lows since I started tracking day-types in June. This type of close would carry strong directional conviction likely to carry through to tomorrow and result in testing the other edge of intermediate term balance (see prior post). The fresh risk I initiated in WYNN is being dismantled, and my options book is buoyed simply from having WB in its cadre. WFM is dead money even after three dedicated shout outs at the Apple event. How? How after being such a big part of such a big event!? The price action today is as fast as we have seen even including Fed days.
The issue as I see it, is whether this is a singular data point or some major shift in sentiment. It appears they have chosen today to put the bulls’ heels to the proverbial coals. Indeed, a fine day to have to report to the dentist, because it is forcing me to eat a sandwich while this noisy day plays out.
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odd the /NQ futures made new swing high but the COMPQ did not
no honey after all…
shoulda/woulda/coulda sold the Ichan pump #hindsightcapital…still might work a 4th quarter move
A singular data point or a beginning to 4000. What’s your take? Too much emotions are attached right now, so it’d be great to use some scientific context reading from you,
exactly, you can have emotions, they guide you through life as a driving force, but you need a foundation from which you can consistantly make decisions from. we may want to just throw our hands up or curl in a ball and hide but you KNOW you can’t afford these emotions, you MUST return to the plan, the read, and act as best you can. You still might take a shot or two, but at least you know you stuck to the plan
am studying your videos and info on market profiling, great stuff! Have yet quite a bit of time to spend on that. Are you going to do a class for the Ibank event?
If I could recommend one thing to help you with your understanding of markets, it would be immersing yourself in market profile theory. Please do not hesitate to ask me any questions about it at any time.
in regards to the dentist, yeah wearing my PITA retainer. But I heard a bellhop say, you know how to spot how wealthy a person is? by their watch, their shoes, and their teeth.
You only get one set of choppers, best to treat them right. Plus they are very close to your brain.
Love to hear your thoughts on the close today after you get done being tourtured:)
I was in no condition to report on the condition of the markets. Instead I sat in the air condition with a bag of ice on my face, gobbling iced chips.
but, glad you enjoy a good context read, I do too