by Gavin M.
It should already be known by now that I am a bear when it comes to the markets. The tell really is when I am quiet on Twitter. If you are a bull, you could use that to your advantage. As far as this market is concerned, today's bounce was expected. I even said it yesterday that we could be in for a bounce. The markets continue to be range-bound and should be traded as such until something significant happens.
What I really find so surreal is how resilient the bulls were today. Sell offs were quickly bought up and you could not even touch a support line without a big bounce to the upside. You really have to admire whomever these people are defending the bid.
In some ways when the day is easy - you will enjoy trading. But when days like today happen, it becomes extremely challenging. It is always about being able to be flexible in the choices you make in your trades. While a lot of traders out there romanticize the business we're in, it's not always rainbows and unicorns. It's not to say that trading isn't a rewarding and fruitful endeavor, it does always come with its own unique challenges.
I bumped into one of the guys I golf with at the local club. This guy drives a Maserati. Imagine my shock when he asked me if I could teach him how to trade. Of course I said no, because I don't have the time right now. However, I did refer him to my company, Equity Sense. When I told him it would cost him a few thousand bucks, he cringed and asked for a discount. Naturally I would be more inclined to do so for people who I know may be financially challenged. But, if you are going to talk to me about lowering rates and you drive a Maserati while being a member of a club that charges you $30,000 a year, it is quite laughable. In the end I told him he shouldn't be a trader because nobody will teach him for cheap.
Good luck tomorrow for the NFP bonanza!
Traders from Equity Sense will be writing on this blog on positions and other market-related things.