Monday, September 12, 2011

Still Bullish

Patience and luck have kept me from buying on Friday. These are two essential ingredients for successful trading, although only one can be controlled by the trader himself.

I am willing even to push my luck, given that I am now in a much better position to risk money on the long side, since, if my bullish bias is still right, most of the downside has already come to pass.

The put/call ratio suggests the market is oversold and ready to bounce. The Fed meeting next week will attract buyers this week, or, at least, will deter sellers.


I think anything today around or below 1335 ES (December contract) is a good price for a long position.

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