I am busy spinning plates over here but wanted to drop a line because it seems like something special is setting up here. I know this could be wishful thinking, but why do so many charts look so good? Is this the ultimate death knell for technical analysis? Or will this actually be the first month this year where markets stop screwing momentum traders?
I am not trading futures this week. When there’s two contracts being actively exchanged my algos get a bit screwy. I used to fight and gripe, now I just sit it out and talk smack on in the Twittersphere. Also, they’re changing the RTH/Globex hours next week, so I will be sitting out the first few days.
What does this all mean? It means it is time for stocks to make me money, dammit.
I resisted the urge to buy a few of my favorite setups this morning by ‘enjoying’ a cold shower. Then I came back, thought about it some more, and took a starter position in PLNT.
My cash is now down to 10% with BIS on as a hedge. I will be entering fixed stops tomorrow, and even potentially raising some cash if the opportunity presents itself ahead of 2pm ET.
Algo hunters will be swarming my stocks tomorrow, so placement is vital and must be risk I can acceptably say, “yes, this idea is wrong, cut it.”
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Funny, between your post title and the ticker, my first thought was “Raul has lost it and is buying into the weed industry.”
Anyways, good luck. I think there is better than a 50% probability that fed kicks off big decline to fill gap at $NDX 3161. Bought some QQQ puts.
I was thinking $POT LOL