It’s been 20 years since I ended a 5 year run as the host of the Risky Business radio show.
It was a daily 60 minute show where I gave my opinion of various markets… mostly commodities… and I interviewed guests for their opinion.
I was watching a clip from Jim Cramer’s show yesterday and he was commenting on one of my favorite analysts…one whom I interviewed at least a dozen times on Risky Business.
Her name is Carolyn Boroden and she had a newsletter called Synchronicity, which was all about repeating patterns in the market.
In this Cramer piece that I saw he commented on her consistency in her S&P market calls, as she looked for the same corrective action to repeat itself, followed by a rally.
I said to myself… all she is really doing is honoring the trend.
I look at it this way… There’s an undercurrent in every market that is the trend. You can have counter action above the undertow, but when the undertow is hit, it supplies support to that general trend.
On a move like we’ve seen in the S&P market over the last 5 or 6 years, we’ve seen a strong trend up.
Every time it’s starts a correction, we think, “This could be the big one.” .. and the longer the trend goes, the more we feel the market is OVERDUE to correct, so this correction HAS TO BE the big one.
Winds up it usually isn’t.
Carolyn is smart about her market calls. She doesn’t predict. She lays out specific points of probability if this happens or that happens… and that’s what we ALL should be done.
I’m recording this 4-Minute Drill on Friday, July 10th, 2015 at about Noon eastern. The market is having big up day so far, bouncing off a support level.
Is this the end of the current correction and there for time to buy? Maybe? Maybe not? It’s up to your trading plan to tell you that.
But smart trading plans honor trends, knowing that we humans are the ones that cause these trends.
As we invest in a direction for the market, we defend that direction because we want to be right. The higher the commitment in that direction, the harder the trend is to break.
Interest rates are low… so the stock market is an inviting place to get a return. There are a lot of people defending that notion… that’s why this current S&P trend is a tough one to break.
With rising rates seemingly on the horizon, is this the big correction happening now?
Only time will tell… but for now I’m going with the trend, and the fact that for 6 years, every correction has met with new highs. But I have my stops in.
And so should you!
OK.. that’s it for this addition of 4 minute drill for traders… so, until next week… Stay disciplined!
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It was a daily 60 minute show where I gave my opinion of various markets… mostly commodities… and I interviewed guests for their opinion.
I was watching a clip from Jim Cramer’s show yesterday and he was commenting on one of my favorite analysts…one whom I interviewed at least a dozen times on Risky Business.
Her name is Carolyn Boroden and she had a newsletter called Synchronicity, which was all about repeating patterns in the market.
In this Cramer piece that I saw he commented on her consistency in her S&P market calls, as she looked for the same corrective action to repeat itself, followed by a rally.
I said to myself… all she is really doing is honoring the trend.
I look at it this way… There’s an undercurrent in every market that is the trend. You can have counter action above the undertow, but when the undertow is hit, it supplies support to that general trend.
On a move like we’ve seen in the S&P market over the last 5 or 6 years, we’ve seen a strong trend up.
Every time it’s starts a correction, we think, “This could be the big one.” .. and the longer the trend goes, the more we feel the market is OVERDUE to correct, so this correction HAS TO BE the big one.
Winds up it usually isn’t.
Carolyn is smart about her market calls. She doesn’t predict. She lays out specific points of probability if this happens or that happens… and that’s what we ALL should be done.
I’m recording this 4-Minute Drill on Friday, July 10th, 2015 at about Noon eastern. The market is having big up day so far, bouncing off a support level.
Is this the end of the current correction and there for time to buy? Maybe? Maybe not? It’s up to your trading plan to tell you that.
But smart trading plans honor trends, knowing that we humans are the ones that cause these trends.
As we invest in a direction for the market, we defend that direction because we want to be right. The higher the commitment in that direction, the harder the trend is to break.
Interest rates are low… so the stock market is an inviting place to get a return. There are a lot of people defending that notion… that’s why this current S&P trend is a tough one to break.
With rising rates seemingly on the horizon, is this the big correction happening now?
Only time will tell… but for now I’m going with the trend, and the fact that for 6 years, every correction has met with new highs. But I have my stops in.
And so should you!
OK.. that’s it for this addition of 4 minute drill for traders… so, until next week… Stay disciplined!
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Category: 4-Minute Drill for Traders, Trading Discipline
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