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I loaded up on a lot of new shorts today. I've got 113 shorts – – and not a single long – – in my biggest account. I anticipated today would be the days the bulls fought back, and I'm anticipating we're going to have a down day tomorrow. I'm counting on 991 as a decent resistance level.
I regularly read a couple of EWI's publications – – Short Term Update and the Financial Forecast – – and I find them very helpful in my own trading. The one which Prechter writes on a monthly basis, the Theorist, is especially enjoyable.
EWI just wrote me to let me know they are giving away the latest Theorist, so I wanted you to know. It's a really good one, too, because Prechter (who, late in February, said it was time to cover shorts) has become bearish again. Here's the link to your free copy. Check it out, if you are at all interested.
Well, the dumbness of America strikes again (whose irony is made even more searing by this contestant declaring she is from the central part of the country where people "are smarter.") Take note this isn't some lunatic from the street. This woman was a star of one of the most popular shows in America. Enjoy.
I'm leaving my foot off the pedal right now. It's just one of those kinds of mornings where the market doesn't demand a lot of participation. I'll be posting some new ideas throughout the day. In the meantime, heed this admonition:
I had refrained from /ES trading for a long time, but as I've put my toe back into the water, it's been going very well for me. It's easy to scalp a few thousand extra dollars of profit during the evening and/or wee hours of the morning if one gets into the "flow" of what's going on. I know some important reports were coming out at 5:30 my time, so it was quite a sight this morning, me whisking down the stairs to get to my computer at 5:29.
One of the reports, shown below, gives the deflationists another arrow for their quiver. A deflationary environment would align very nicely with those who basically buy Prechter's premise. You may also find this prior post about the topic an interesting read.
Having done my trade and post, I'm going back to Mrs. Bear……………..