I waited, waited, and the Spooz didn't seem to want to go below the overnight lows to that point.
That struck me as quite bullish: the market was absorbing somewhat negative news and retaining a firm tone. I immediately bought the S&Ps.
I checked with some people I know about their thoughts regarding the market's trade thus far.
Most of the people weren't watching the market.
None knew what expectations were for the ADP report. None seemed to know about the importance and relevance of ADP numbers for Friday's data.
None were tracking the market's reactions to the report vis a vis important levels.
I started my day in the black.
They start their day in the dark.
A passion for markets and trading?
Give me a break.
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4 comments:
Nicely done Doc! So far, ES has bounced twice off the Initial Support Zone I highlighted in last night's post. At this point, a break of 1127 could result in some fast liquidation by the Bulls, and aggressive entry by the Bears.
Looking forward to your posts throughout the day :)
but all it takes is some institutional sellers to awaken off the open to destroy your position... is the market merely a news barometer? i think not...
Dr. Steenbarger,
Keep in mind that the November ADP numbers were revised (upwards) by 24K.
Well played, best trading,
Jorge
It's important to begin one's trading day while it's still dark outside, not inside.
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