The Intellect of Our Market

At times it's amusing to watch the intellect of our market as it follows support and resistance lines. Bulls do not want to give up the fight, and bears have shown every technical indicator for more downside.

The morning opened with durable goods up, and a jobless rate down that assumes firings are over. This lifted the market just enough for traders to gain entry to the OXBRB June410P, as low as 7.00 and far below prior day close, and sell to highs of 10.10 within one hour. The day showed tops and bottoms that you should carefully review against the Dow projections.

Trader IAG explains:

"Floyd,

Futures were tight and I put an order in at 7.40 on the 410 pre market and just waited. It filled at opening. I put an order in to sell at 9.90 and it sold by 10.30. By the way, this was over 6k of profit in an hour, and I was simply stunned.

I've been doing well with this, after the larger February loss I had when I broke your rules. I re-calculated the Dow early and simply saw I had traded r1 buy to an s1 sell.

I am controlling my emotions even more now."

And this from a long term subscriber who was just fired:

"Hi Floyd,

Well, I have just recently joined the ranks of the unemployed for the first time in my 59 years of life..I am now a statistic as a result of the economy.

Notwithstanding this fact, I do believe when one door closes another will soon be opened, and I will be diligently preparing for this eventuality.

Nevertheless, due to a series of events over the past couple of years my finances have been somewhat under pressure, and combined with this most recent event my budget dictates that I discontinue my subscription to your excellent service...at least temporarily. It is with deep regret that I request that you stop my subscription at the end of this current cycle.

I want to take this opportunity to thank you for making your work available to others so that others' lives can be made better. I have certainly benefited from your service and I will look forward to the time when I can renew my membership."

This subscriber is staying with us gratis for 90 days, and I printed his comments because it is critical that subscribers recognize that much of the teaching of to "think about life", or "read the market" that you read in this commentary is critically important to how you think about yourself as you trade. Be sure and truly explore ALL the areas of our website. You'll be surprised how much there is for you there.

Remember, every one of us is always in a crisis, coming out of a crisis, or headed for a crisis. This was a very important sentence yesterday. This affects your trading. We teach you how to think outside of the "circles" that you create.