Thursday, June 7, 2012

Thursday Evening




















Equity markets held up ok today... all things considered. The bears had a similar setup in short term indicators last Tuesday, and we all know what happened after that. So, given the big move up we had yesterday, some consolidation after a gap up this morning is probably a positive for the bulls going forward.

With the mention of Fiji, I thought it would be nice to see a Fiji sunset to finish the day. I encourage everyone to imprint this picture in your head... close your eyes... and try to put yourself right there on the beach for a moment. Meditation is new to me in the last year or so... but it has really helped with relieving stress. Trading is definitely a stressful job, and imagining the sounds, smells, and wind blowing as you sit on a beach in Fiji can do wonders... even if it's for just a few minutes.

Thursday Afternoon

S&P Futures Hourly Chart
The bears stepped in this morning right at the purple trendline that was broken last week. So far the bulls have been attempting to defend the 1317ish level (top red Fib line). The short term indicators are getting worked off... but still have room for more selling. The action looks fairly positive for the bulls so far, but they have a lot of work to do in order to keep the selling contained the rest of the day.

Thursday Morning