I’m exhausted and not up to doing a full recap tonight. So I’ll just co-sign what Brian said in his video this evening. It’s funny how so many of us traders think almost exactly the same. I’ve told that to Jamie before and I also generally agree with Brian’s views.
So here’s my view on the indices real quick (you can click on the links to see the charts):
- S&P 500 — Now I’d call it overbought, although the slower stochastic line still hasn’t broken 80. It made a spinning top-like candle today at the upper Bollinger Band. It’s losing a bit of steam here.
- Nasdaq — It’s also overbought but still showing good strength by staying above its upper Boloinger Band for the entire session. Beware the Bollinger Band walk!
- Russell 2000 — Stalled at the 200-day moving average today. It’s also close enough to overbought for me to consider it overbought.
- Dow — Made a spinning top and still couldn’t close above the early August high.
So it feels like we’re due for a consolidation and/or a pullback.
Note: I’m taking tomorrow off so there won’t be a watchlist in the morning. Have a good weekend.
Hey Mike,
What did you think about The Secret? I ordered the DVD a couple months back and enjoyed it very much since I am a big Napoleon Hill fan.
Chris,
I liked it a lot. I can see some applications to trading, like thinking about losses or, more specifically, not losing. There are so many times that I hurt myself by trying to prevent a loss instead of focusing on maximizing gains. I’ve been catching myself thinking the wrong way about other, non-trading things too.
I’m actually considering buying the DVD. Does it have any extras / bonus features?
I never watched the online version because a friend recommended it to me so I immediately bought the DVD. It does have bonus features and a few features that I assume the online version skips. I wanted the DVD to watch in the future to re-inspire myself when things are going as planned.