| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3951 Registered: 05-2011 Posted From: 24.164.46.35 Rating: N/A |
ChartTrader: Morning Notes Yesterday morning, I said the market is behaving in "bear market mode" right now. That certainly played out in the afternoon with a cascading dive that will likely have consequences for how willing people are to speculate on the long side. Sentiment has soured relatively dramatically, with several measures now signaling real pessimism in the mix. As a trading psychology note: just because you see big moves doesn't mean you have to trade aggressively. Stay patient and selective. Let easy setups come to you. A directional bias is not the same thing as a quality setup. Both are independent but necessary elements in catching high-conviction winning trades. Crude finally succumbed to some risk-off pressure, but it is handling the pullback well. MS came out with a $100+ oil target this morning, jumping on the bandwagon. I continue to sit long in USO from the 47 area. |