I had two questions this weekend: one was from a student of one of the past Chart Reading Mastery courses. He was asking about the recent activity in the Gold market. Last week on Friday, the intraday market sold off sharply, then reversed and rallied briskly up putting in new highs on the day, and also for the week. How does one deal with this? Is it supply overcoming … [Read more...]
Happy Birthday Helen!
It's Helen's day today! Anyone interacting with us knows that Helen keeps it all together. She is my rock, for sure. This photo was taken in New Hampshire early last spring. We were coming back from a hike up into Tuckerman's Ravine on Mount Washington. You can tell by her smile it was a great day. Then again, most all days are great with her no matter what we do. Happy … [Read more...]
Sellers Present
As we have been expecting, sellers came into the stock market today. They took the market down nearly 30 points. Some of the traders I work with have been wondering where the volatility went during the past few weeks. I mentioned in the last post that traders should be alert for an increase in volatility. Here it is. Tonight's chart is the cash index for the S&Ps. I … [Read more...]
Stock Market At Resistance
Posted tonight are the daily S&P e-Mini futures, and the weekly and monthly S&P cash index along with the NYSE volume. The cash index is shown because it captures longer term resistance accurately; the e-Mini futures does not show longer term levels accurately because of price adjustments made due to front month contract changes. On Wednesday, we saw some supply come … [Read more...]
Eric Chart Reading Mastery
“Trading is like fishing. You teach us where and when to look for big fish. Now I have my trading plan. I know where and when to put on my trades and the odds are in my favor. After attending your course, I know I am on the way to be a professional trader. Thanks for sharing your great trading knowledge.Eric, Trader with 3 years of trading experience, Singapore … [Read more...]
