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Monday, January 16, 2006
Market Recap
Stocks took a rest on Friday, closing basically flat after being down early in the day. All three indices reversed mid-day and recovered from their morning losses. The Dow was down 2 points, the Nasdaq was up a fraction, and the S&P was up 1 point.
T'was the Night Before Trading
"T'was the night before trading and you sat in your house preparing to trade with just a click of the mouse."
Okay, so a poet I am not, but the point I am trying to make is for you to prepare to trade the night before by drafting a plan for the next day's trades. We try to help formulate that plan for you in the Bulletin each night. Using the Bulletin, you can prepare for each day's trading in advance of the opening bell.
Attack your trading with a plan you have put together. Along with the Bulletin, do not forget to use the charts we present each night. Use these resources to formulate a plan to enter those stocks using the buy points listed. Often, they will have very nice moves within a couple of days after being featured in the commentary or added to the bulletin. This will give you a trading plan for the next day and you will not be trading on impulse.
Your trading plan will allow you to move from a reactionary state of mind to a proactive state of mind. If you are proactive and follow a predetermined plan, you will be more likely to ignore what you see and hear on BSNBC during the day. If you are watching every tick, hanging on every piece of news and noise that comes to you through the media, it will be impossible to trade effectively. You will always feel the most fearful when you should be the most greedy and vice versa. By filtering out all the meaningless noise, you can focus on your positions and your trading strategy you have planned.
So remember:
"T'was the night before trading and you sat in your house preparing to trade with just a click of the mouse."
Today's Bonus Chart: HANS
Click the following link to view today's bonus chart in the Public Chart lists:
http://stockcharts.com/def/servlet/Favorites.CServ... (first chart) |
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