{"id":726,"date":"2009-06-01T17:52:00","date_gmt":"2009-06-01T22:52:00","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=726"},"modified":"2009-06-01T17:52:00","modified_gmt":"2009-06-01T22:52:00","slug":"dont-overthink-the-market","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/dont-overthink-the-market","title":{"rendered":"Don’t Overthink the Market"},"content":{"rendered":"

Saw a lot of tweets about whether the market could trade higher this afternoon. \u00a0Chirp! \u00a0 There were the call outs that volume was light. \u00a0Chirp! \u00a0Some pointed at the financials not rallying. Chirp! Others highlighted the weakness in V, MA, JPM, etc. \u00a0<\/p>\n

I have to share a funny story. \u00a0One of the smartest guys we have traded with over the past decade we called,”Skippy.” \u00a0The guy knew everything about the markets. \u00a0And if you didn’t know this then he would make sure that you did. \u00a0During the Internet explosion Skippy would chirp about YHOO being overvalued at 50, it went to 500 (split adjusted). \u00a0And Skippy would warn that BRCM was over bought and it had another ten fold to go. \u00a0Ooops. \u00a0<\/p>\n

And I saw a ton of guys chirping that the market couldn’t trade higher last week. \u00a0And it did. \u00a0And I read a lot of guys blogging how the market couldn’t trade higher today and it did. \u00a0<\/p>\n

I am not sure if the market will trade higher tomorrow. \u00a0As JToma likes to say,”I am not drinking the Kool Aid just yet.” \u00a0 It is my job to identify patterns. \u00a0I noticed that V, MA, and the banks were very weak. \u00a0I noticed that AMZN, RIMM were very strong. \u00a0I noticed that SPY could not trade above 95, and SPY \u00a0could not hold below SPY 94.50 into the Close. \u00a0 I noticed that FCX rolled over when the market showed weakness.<\/p>\n

This is what I know. \u00a0I will now start to develop trading plans<\/a> based upon what I know. \u00a0If we hold above SPY 95 I will look for some good prices to get long some RIMM. \u00a0If we hold below 94.50 SPY on the Open and show weakness I will start to look at FCX, V, and the banks for excellent risk\/reward shorts.<\/p>\n

Don’t make trading so hard please. \u00a0Find strong stocks and get long. \u00a0Find weak stocks and get short. \u00a0And don’t fight the trend of the market. \u00a0And for those interested Skippy doesn’t trade anymore.<\/p>\n

Best of luck with your trading! Don’t forget to follow us on twitter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saw a lot of tweets about whether the market could trade higher this afternoon. \u00a0Chirp! \u00a0 There were the call outs that volume was light. \u00a0Chirp! \u00a0Some pointed at the financials not rallying. Chirp! Others highlighted the weakness in V, MA, JPM, etc. \u00a0 I have to share a funny story. \u00a0One of the smartest guys we have traded with … 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":[4676,30,18,170],"class_list":["post-726","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-day-trading","tag-prop-trading","tag-smb-capital","tag-spy","no-post-thumbnail"],"yoast_head":"\nDon't Overthink the Market | 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\/dont-overthink-the-market\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don't Overthink the Market | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Saw a lot of tweets about whether the market could trade higher this afternoon. \u00a0Chirp! \u00a0 There were the call outs that volume was light. \u00a0Chirp! \u00a0Some pointed at the financials not rallying. 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