Killing me softly
Today was a “soft” day. It was a breakout, but no raging fire day. Just a gentle, squeezing type day that continually frustrated both sides I would think.
The short trade for the half gap almost completed. We had the shorts mostly off by 07, since the weekly breakout was triggered, and called for a potential high of t1 at 15.25. It was sluggish going with small, mechanical type action.
The longs wanted more but had to be satisfied with a few points above last week’s high.
I made it clear to members I was weary from two days travel over the weekend, and I advised them to play hit and run for small targets if they were playing. I did not try and guess every little wiggle.
It was “any high day”, and the steady push up was a ratcheting move that left aggressive shorts holding the bag at the end of the day.
Volume seemed light and the Dow seemed disconnected from the Comp. Not every day is wild and crazy.
Got lots of hugs and kisses from family, and it felt good to be reunited. I talked with one of my son-in laws about the Chihuly exhibit. Small world. It seems he worked for a photographer back in the 90’s who had an assignment to take photo’s of some one’s art collection, which included a Chihuly blown glass. It required him to physically move the piece for better lighting, and he said “I have never been so nervous; I was afraid I would drop it and my life would be ruined.”
I know a few traders who feel the same way; they don’t trust their discipline to just bail out if the market moves against them.
Why is that so hard to do?
The first small loss is usually the best one.
“Focus on what you want; not what you don’t want to have happen.”
Paul Pilzer is someone who has some thoughts about building a bigger pie, rather than trying to win a zero-sum game.
This interesting article about Intellectuals discusses the Ivory tower syndrome.
Forget the news, the hype, the broker or guru suggestions. Learn to read the tape.
As Roy H Williams says, Covey’s compass is still as valid today as it was years ago.