Wednesday, January 06, 2010

A Slice of Market Life This Morning

I recently posted my game plan for the day. I noticed that the ADP employment report came out weaker than expected and stocks immediately moved lower.

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.