{"id":13047,"date":"2011-07-08T14:52:35","date_gmt":"2011-07-08T18:52:35","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=13047"},"modified":"2011-07-12T15:12:30","modified_gmt":"2011-07-12T19:12:30","slug":"why-the-market-didnt-roar-this-week","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/why-the-market-didnt-roar-this-week","title":{"rendered":"Why the market didn’t roar this week"},"content":{"rendered":"

Wednesday after the Close we brought our traders into our training room and started talking about a game plan above SPY 134.\u00a0 A profitable trader is first a prepared trader.\u00a0 The market was consolidating close to this level.\u00a0 Above and the market might run.<\/p>\n

Towards the conclusion of our meeting I asked all of our traders to send to each other a few ideas of stocks and prices if SPY found its way above 134.\u00a0 We walked into a market gaping above this important level Thursday AM and we continued higher.<\/p>\n

We are not fundamental analysts but as traders we can develop a feel for how markets might trade based on fundamentals.\u00a0 My feel was we were gonna run above 134 at least once before the end of the week and I wanted our guys prepared for that.\u00a0 But my sense was we would not see a run that was too crazy.\u00a0 Why?<\/p>\n

1) Earnings season is about to hit and many would not want to commit until they see some leading companies report.<\/p>\n

2) The jobs number on Friday.<\/p>\n

3) We have come a long way of late after we broke above SPY 130.<\/p>\n

4) We are in a low volume summer trading mood.<\/p>\n

5) There are some overhangs to give us pause like Greece and Portugal and a potential spillover to neighboring countries.<\/p>\n

6) This lack of a resolution on\u00a0 the debt ceiling thing has got to give some traders pause to be fully committed.<\/p>\n

7) Our highs are very close above 134 SPY.<\/p>\n

“Price is the only thing that pays,” says @alphatrends and he is so correct.\u00a0 If the market had held above yesterday’s highs as a trader my job would have been to get long.\u00a0 But as we gain experience we can make sense of the market and its patterns.\u00a0 And we can get a feel and develop a bias for what is most likely to happen.\u00a0 First we must learn to think like a professional trader and gain some screen time with set ups like this week.<\/p>\n

So we sit watching the price action above and below 134 SPY.\u00a0 Always ready for next significant move.\u00a0 Always most concerned with thinking like a professional trader.<\/p>\n

\"\"<\/a>
\nMike Bellafiore<\/p>\n

Author, One Good Trade<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Wednesday after the Close we brought our traders into our training room and started talking about a game plan above SPY 134.\u00a0 A profitable trader is first a prepared trader.\u00a0 The market was consolidating close to this level.\u00a0 Above and the market might run. Towards the conclusion of our meeting I asked all of our traders to send to each … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4674,1832,1193,653,1354,1349],"class_list":["post-13047","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-one-good-trade","tag-smb-u","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor","no-post-thumbnail"],"yoast_head":"\nWhy the market didn't roar this week | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/why-the-market-didnt-roar-this-week\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why the market didn't roar this week | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Wednesday after the Close we brought our traders into our training room and started talking about a game plan above SPY 134.\u00a0 A profitable trader is first a prepared trader.\u00a0 The market was consolidating close to this level.\u00a0 Above and the market might run. 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