When I am actively trading, I tend to have a searing focus. I make it my goal to blot out everything around me to the point whereby I’ve had people loudly calling my name and I don’t hear them. It’s a trait that many people can find if they look deep within. Many athletes are forced to do this when they have 57,000 people screaming as they aim to hit a 95 mph ball being thrown towards them or shoot a ball 15 feet away as 21,000 people in a compressed space scream obscenities at them. Usually, I can do it in any circumstance. I’ve traded successfully with a 104 degree fever. I’ve traded successfully after being hit head-on by another car. I’ve traded successfully after having surgery with anesthesia. I have a pretty decent pain threshold mentally and physically. But sometimes…sometimes life gets in the way. There are times when an intra-day parent-teacher conference is unavoidable. There are times when a spouse loses a job suddenly. There are times when a parent calls with bad news. These situations don’t require all day focus, but they do require an hour or two. What I do is stop trading during these rare times. Entirely. As in I shut off the trading switch in my mind. I put my focus where it should be. Then when ready to go again, I ignore the first two or three decent set-ups that I think could work when I sit back in my chair (after first studying prices for 10-20 minutes). It’s almost impossible (for me) to sit right back down and plunge back in. So, I don’t try to do so. I do what it is I need to do and then after time passes and I can concentrate ostensibly solely on trading again, I do so. The moral of the story: by all means, do 17 things in a day. We all have to do so. Just don’t try to do them all while trading and don’t let them affect you when missing a chunk of the day else you’ll find yourself much poorer- and much less equipped to deal with the truly important things in life.
Markets in Asia were generally higher overnight with Hong Kong up 0.5% and Tokyo up an even stronger 1.8%. The rally continued in Europe with Frankfurt up 0.6% and London even more with a 0.9% gain. Commodities maintained their quiet yet extraordinary rally with oil up 1.5%, gold up almost 1%, and silver now over $40/ounce. The dollar is up a little against the yen but the euro continues to rule the world right now as the dollar is down once again against that currency. Wholesale Inventories (1.0%) are due out at 10AM. Things are actually very quiet stock-wise this morning but futures are nicely higher. Look for the market to likely hold its gains today in a very narrow range with limited news flow. The focus will likely be on the stocks in the news (EXPE), the limited earnings flow (TPX), and relative weakness plays.
If the whole story is not there -
If something is good, assume either a short thru unchanged or an A-B-A2 (preferably to the downside in a downside market and the upside in an upside market) based on direction of the market unless specified.
If something is bad, assume either a buy thru unchanged or an A-B-A2 (preferably to the downside in a downside market and the upside in an upside market) based on direction of the market unless specified-
Good- The following stocks have good news and/or a strong technical pattern
MCP, REE- closed near their highs
IMGN- closed near a high after positive breast cancer treatment study results
BBBY- closed near a high after posting great earnings
VHC- closed near a high
COO- closed near a high
SINA- closed near a high
DBLE- closed near a high
IL- closed near a high after a successful share offering
EXPE- announced plan to split into two companies
TPX- raised earnings guidance; SCSS may move with it
CUTR- received FDA clearance for Onychomycosis
STX- raised earnings guidance
WY, MWW- featured on “Mad Money” last night
GMLP- IPO debuting with 12 million shares at 22.50, above expected pricing of 20-22
NXPI- rumors of an imminent buyout according to a Dutch newspaper
Bad-The following stocks have bad news and/or a weak technical pattern
RT- closed near a low after posting awful earnings
BYI- poor earnings guidance
IDIX- share offering
NMM- share offering
SGMO- share offering
JEF- share offering
SATC- warned on earnings guidance
HERO- received a subpoena from the SEC regarding potential violations of securities laws; also been probed by the Department of Justice
PUDA- closed near a low
SCSC- poor earnings guidance
Earnings:
None today
Epiphany Trading, LLC
www.epiphanytrading.com
Erik R. Kolodny- Chief Markets Strategist
Brendan P. Byrne- President
No comments:
Post a Comment