[Trading to Win] …the easy over the truth

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DavidDT

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Mar 8, 2010, 6:32:30 PM3/8/10

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In trading, the vast market consists of neophytes who are looking for magical answers to make lots of money quickly and with little risk. They want specific ideas. They want to be told exactly what to do. Those looking for such things will not find them. They will not be successful as long as they continue to favor the easy over the truth.

Curtis Faith on January 22, 2010

In my last post I quoted Richard Dennis, thou that quote was taken from "Stock Market Wizards" (Not from famous "The Way of the Turtle" written by Curtis Faith )

And I truly agree that trader who wants to "survive" has to pick the side – either day trading/very short term swing trades or longer term (at least few months or even years – just what I cannot do)

Few bears left barely alive look really ready to turn into the slather house, they will not even object, no attempts to fight, they know by now – they meant to be slathered.

That is what any slow day feels like now - "there is no rush to pump worthless tape higher, everyone knows it is all not worth the paper money are printed on, the only jobs to be created in this country will be census ("Did you feel strange sensation in your ass when you were raped by oligarchy?", "Do you think you will take it even longer if while making love to you we'll throw some American Idiot in that Idiot's Box in front of you – you the main patient idiot?") and service ("Do you want me to bring you more fatty crap you call food and while on it to put some on your … back to feel less while been object of making love by … the same 'ole guys who did it for ages now?")

Anyhow, today's close was quite interesting, but not for (SPY) – it barely moved.

What I am watching is (QQQQ) and 46.59 in particular. It closed right under (attempt to get above were made, but for now failed). Why do I care? Wave structure on daily has not changed – w-5 did not extend thou I should not really care because not A nor B ever materialized on cubes…such a mess all over the places. (Don't get me started on IWM and MDY).

The only "good news" for the bears today was a lot of smallish inverted hammers like candles all over the places and right at TDST lines.

That concludes my tonight's mumbling (I am still not quite back from Gourmet, Blackjack and Spa land of New York/Atlantic City)