I was running a chat room today, and a fellow trader asked me how to interpret the PPI results
E: I dont know
FT: Should we go long or short?
E: Short. I said that 10 minutes ago.
FT: TV says this should be ok
E: Ok, then u can go long if you want to.
FT: Dang my stop was hit
FT: Aren’t you listening to TV?
FT: CNBC, Bloomberg?
E: I like it quiet, no talking heads messing with me.
FT: Dang, another long didn’t work. You said keep shorting, for how long?
E: ‘Til it stops working.
FT: I just grabbed a point long!
E: Way to go!
FT: Looks like we are going to close on the low
E: Yes. Hit my target, can I go home now?
FT: Yes, hours ago you said it would hit this target. Seriously, no TV?
E: No TV during trading hours. I just try to read the tape and keep it simple.
FT: “Read the tape”? What’s that?
E: I just anticipate price action. Did you take my 73 Stop for short premarket?
FT: No. I was chicken. My natural instinct is to keep expecting it to go higher when the price is up.
E: Ok. Were my calls reasonable?
FT: Yes, almost to the tick.
E: So I guess I don’t need TV?
E: Ok Have a good eveniing.