Market movements by 2 p.m.: Theoretical Dow Low: 11,016 High: 11,171
All of this lack of real movement before the 3 pm. hour. A market stuck between support and resistance lines.
Calls were not available for purchase because the market held up, but first buys were possible to the November OEX Put.
We show an upside count to 4, with a waning strength, but strong resiliency.
If Gold and Silver falter we see only short term corrections around the USD.
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For years at OEX I often posted testimonials by traders, on great successes or failures, and their thoughts. Many of these are on our website, and I've slowed down the chest pounding recently simply because we all know how we are performing. Friday I received a great testimonial from an executive with a major insurance company in New York, legal counsel to the firm itself, that so well put what his concerns were, and what he had accomplished, that I thought I would share:
> Floyd:
> First let me thank you for your tremendous service. I have been a level 3 subscriber for just over a year and I feel that I have made some very substantial progress in my "trading education." Your philosophy of teaching "how to trade", rather than simply providing advice on "what to buy and sell" has motivated me to work to master this skill. Over the past year I have read the books you recommend on P&F Charting and the Wyckoff Method, as well as additional readings on Technical Analysis. I researched many on-line brokers and moved my accounts to Think or Swim because of their charting capabilities, especially the support / resistance and Fibonacci overlays. I understand the concepts of how the market breathes and falling in love with an option. I can see it happen as I watch the market daily. The Think or Swim support and resistance overlays are terrific, and I should know exactly when to get in and out of a trade. However, for all of the great technology and personal progress I have made in educating myself, I am having difficulty "pulling the trigger" on a trade. I am in constant fear that when I enter the trade that the market will whipsaw in the opposite direction, even though I know that the market moves in phases. When I do enter a trade I will change my sell order and normally jump out way too early when I see the market start to pull back. I am very "stuck" at this point and could use some guidance.
> I was hoping that you would be kind enough to review my attached Myers Briggs Test and perhaps help me shed some light on my personality characteristics and how they effect my trading.
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This is a fascinating article that may change your view on the values and methods of some good businesses:
http://www.businessweek.com/magazine/content/10_42/b4199062749187_page_3.htm
We felt that when Bernanke spoke last Friday, which all were ready for and priced into the market, that we heard "self congratulation, part apologia, heavy on the obvious and not especially revelatory".
What we at OEX believe about mid term elections, and the future of the stock market (now half the volume of three years ago) is that the devaluation of currency, the creation of massive debt to overcome massive debt (Keynesian in nature if allowed to play out), will play small parts, while the "advertisers" that have so falsified will lead us down the same path of family values and JOBS, the least important part of an economic recovery at this stage.
Jobs are critical, but control of the crisis and regulation so that it does occur again, are key. Remember, many remember the "magnificent years of Reagan" but take no note of the massive debt left behind for the next President. In this case, Reagan had the press and the media.
Here we have the reverse, in which the press and media have been overcome by the GOP rich to make sure the important stuff to them does not change.
Question why the information is coming, always, from any source.
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