Market Update




Trader Scott’s Market Blog

September 20, 2016



The stupid, moronic, pernicious, idiotic, clueless Federal Reserve releases its’ post-meeting announcement tomorrow. I’m going to do a couple of quick market updates before that. But first, I do not have any idea, nor do I care what the Fed does – ever. I have zero control over what those clowns do. The only thing that I have control over is what I do. And specifically, where/when I enter the market and where/when I exit the market (profit or loss). So I spend almost no time guessing/predicting/deciphering/decoding what the Fed is up to. If I were perfect at this job, I would spend zero time at those activities – but I’m human, and I still occasionally do things which only serve to get me off track likeguessing/predicting/deciphering/decoding what the Fed is up to.

The only thing I can do is work hard every day and be prepared for what opportunities the market “gives” me. I never want to react to what happens in the market. I only want to plan and prepare, so that I can anticipate and then act if an opportunity arises. It’s way less confusing. My main focus is on the entry point, not on some (unknowable) outcome. Of course, I want to have some idea what potential move could be accomplished by a market in the future. But you see within that last sentence, I have several qualifiers. Qualifiers are deadly in markets. They serve nothing else but to confuse my brain. I need to keep it simple. So, over the years I have spent billions of hours trying to “perfect” my entry point. That’s where most of my focus is. And after entering a market, we have zero control over where that market goes. The only thing that we have control over is where we exit – partial profits, full profits, or losses. It’s called trade management (RISK MANAGEMENT).

So after that gobbledygook, here’s an update for the stock market. We’ll use the SPY as the proxy. Overall, I’m very bullish on the stock market LONG TERM. However, I’m not remotely bullish on stocks as an INVESTMENT currently. The attached annotated chartshows my different long side entry points into stocks. My main focus in the stock market however, is to short into rallies at resistance.



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img_0074bwcrsmTrader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day.Scott returned to markets over fifteen years ago where he continues as an independent trader.


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