Successful traders know that anticipating market direction is extremely important. Do your current long and short positions reflect the direction of the S&P 500 after President's Day weekend?
The S&P 500 sold off in the morning to 1,063, yet closed at 1,076, 10 points higher than last Friday's 1,066. So net-net, the broad market was up for the week, not bad considering the bad geopolitics regarding sovereign debt in southern Europe, specifically Greece.
POTC believes it's extremely important, from a trading standpoint, to follow the S&P 500 and have an opinion on its direction from week to week.
The Standard and Poors 500.
Congratulations to all subscribers who profited from the BIDU trade based on on our PFF ratio analysis. Though we recommended an early exit, a return of 133% - 150% in 30 minutes of trading is still excellent.
We're looking forward to trading FSLR next week. We've spent many exhaustive hours researching, thinking, crunching, and feeling; here's looking-forward to Thursday, February 18th !
The Psychology of the Call team wishes everyone a happy and healthy weekend.