I was at my local Chartered Market Technician (CMT) meeting tonight which is held once every 2 months, so I couldn't get my daily market action post out in a timely manner. This also means that I missed the highly anticipated CNBC show on high-class hookers. I was really looking forward to that, seriously, so someone tell me how it was. Anyway, the market acted in the way the stick sandwich said it would act, so there's nothing special about that. What was interesting was how the market reacted when our favorite politicians spoke - we spiked considerably higher, but failed and reach the level we were at before they opened their mouths. Why do they keep blowing hot air into the markets? That resulted in an intraday head-and-shoulders that slightly recovered into a bearish flag but ended up...if you are confused, don't worry because I got confused up till about 3:50PM and just said 'screw it' and went into all cash. There is no point in gambling with timing if you do not have an edge that's greater than 50%.
Speaking of direction, my students and e-mail subscribers received the order from me to short at 2:25PM on Monday to be held overnight. I issued a cover order yesterday at 1:54PM before the stupid balloon rally took place, and anyone that didn't cover...well, you were ok. I stated that I was 100% short (but was actually 200% short, fully margined). I made my coin yesterday and the day before...and I am up over 27% for November so far. You can't trade every day, you have to pick and choose the best probable days to go long or short. No 50/50 days, or you'll get killed. If you're a long-term investor, you've been dead a while ago. If you're not rapidly trading or are not hedged, then you're dead. If you're a fundamental person, you're dead as well. Anyways, I am in all cash right now until I see something good this morning. Really good.
SPX 1-day
SPX 10-day
SPX 6-month
NASDAQ 1-day
NASDAQ 10-day
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