Thursday September 11, 2014 – Daily Market Commentary

Wow. I can’t believe it has been 13 years since the attacks
on the World Trade Center.

It really seems like yesterday.

That was one of those days that everyone remembers were
they were when it happened. Sought of like when JFK
was assissinated. I’m sure if you were around for that
moment in our history, you can recall exactly where you were
when you heard the news.

A sidenote to that terrible day back in 2001, was that
I was supposed to see the Yankees play that night.

The Yankees had already clinched a spot in the playoffs,
but it was going to be a memorable game because I
was supposed to attend with my Dad. And the seats
were right behind home plate.

The seat location would have not have been enough to
make me go that night, however attending with my Dad
would have.

You see, it had probably been 35 years since I went to
a baseball game with my Father.

So, I was looking forward to attending.

After the plane took down the Twin Towers, the game
was naturally postponed.

And rightfully so.

We did end up going to the make up game, but it seemed
so anti climatic.

But, I remember walking down the street next to the old
Yankee Stadium and just thanking all the men in blue.

Even with that disaster, it was amazing how the City and
it’s people responded. It’s the people that turned this
horror show into a spectacle that makes you proud
to be an American.

Back to the markets.

Yesterday I was talking about how it would be a bullish
scenario if the S & P 500 managed to close above
the midpoint of the prior day’s daily price bar.

And it just happened that it did.

Based on that, you would still want to be trading to the
longside.

In today’s day session, there were two nice swings on
the SPY.

The first one was about a point and started just after
10:30 this morning. The second swing was around
1:30 and ran for about $.70.

I bring this up because a mistake I see traders make
far too frequently is they start to trade the shortside
thinking that the market will collapse.

With a strong trend, I always feel you are better off
just trading the bull moves.

Don’t try and catch the short trades … leave that to
the gamblers.

You will far better off.

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