Performance of Major Indices
Econ Data To Be Released Today
ER2
When I compare RUT with the other indices, it's obvious to me that it has relative strength over them. Whether that means anything, I'm clueless for now.
Both volume and open interest are still flat. While ER2 has rallied fiercely for the past 3 days, volume and open interest are not increasing significantly or even steadily. That tells me that despite the rise in price, market is fundamentally weak (I feel like a broken record).
Having said the above, the fact remains that price is going up. For now.
My monthly chart tells me a bullish story about ER2; my weekly chart tells me otherwise.
My daily chart's no longer talking to me.
Econ data's going to start coming out in less than 2 hours. Besides personal income and spending, I'm not sure the result of the others will have any bearing on ER2.
But we've not forgotten OIL, of course.
And the USD.
And Financials.
And workers going on strike and those getting laid off.
And the WEATHER.
And when I put everything together, the picture that emerge is....
A BEAR
In fact, I'm bearish right this moment, even as price is continuing to move up.
Am losing more than 1 point as I write.
Both volume and open interest are still flat. While ER2 has rallied fiercely for the past 3 days, volume and open interest are not increasing significantly or even steadily. That tells me that despite the rise in price, market is fundamentally weak (I feel like a broken record).
Having said the above, the fact remains that price is going up. For now.
My monthly chart tells me a bullish story about ER2; my weekly chart tells me otherwise.
My daily chart's no longer talking to me.
Econ data's going to start coming out in less than 2 hours. Besides personal income and spending, I'm not sure the result of the others will have any bearing on ER2.
But we've not forgotten OIL, of course.
And the USD.
And Financials.
And workers going on strike and those getting laid off.
And the WEATHER.
And when I put everything together, the picture that emerge is....
A BEAR
In fact, I'm bearish right this moment, even as price is continuing to move up.
Am losing more than 1 point as I write.
But I'm not running until price hits 746 or when I have reason to believe that ER2 is going to immediately resume its upward trend.
To make it easier on my heart, I've customized the layout of my TWS (Interactive Broker's Trader Workstation) to NOT show me my unrealized LOSS.
To make it easier on my heart, I've customized the layout of my TWS (Interactive Broker's Trader Workstation) to NOT show me my unrealized LOSS.
It's dumb (coz I know exactly how many ticks and points I'm losing every second).But it works for me. I simply can't stand seeing red under the unrealized profit column. When I see red, I make stupid decisions.
I'm not hoping for the market to do what I think it ought to do. I've simply taken a position.
And if I'm wrong, I'll get out with a loss that I'm willing to give to the market should I be wrong.
But of course I won't be watching when that happens.
D's the one who goes through the statements.
:-D
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