Guys, some gloom and frustration in here tonight. I know a lot of us have been stopped out on some 'experimental trades' past week and some are still holding. I've been doing this for 30 years and one thing I've learned is that my own feelings and those of this room are a micronism of traders all over the world. So if you feel like throwing in the towel just remember what usually happens right after you do. lol

2) As traders, we often get caught up in looking at 5min, 15min, 60min charts or whatever. Stand back and look at the dailies more often. We're in a beautiful uptrend here and I know I've been fighting it as much as anyone here in the past week. As traders, we feel like we can't jump on a trend unless we catch it near the bottom, because then we're chasing. We're always looking to catch the next turn. Sometimes it's hard to see the forest for the trees.

3) Major turns in the market aren't usually made in the market in the matter of a few hours, so watching longer term charts occasionally not going to kill you. Put some trendlines on the dailiies and weeklies, for that matter, not just the 15min. Know it would have saved me from some bad trades lately not to mention lost profits from selling too early. Being nimble in the market can be good at times, but can definitely bite you too. I've lost more money over the years by being early than I have by being late.

4) Steve and Matt have done a good job of reiterating nearly every night that we're in an up trend and though all of us have been looking for potential turning points, including them, just remember we're in unprecedented times here, never seen to this extent in history, with the Fed and Treasury determined to stave off further recession by printing trillions of dollars and creating money out of thin air. So who knows how much further and longer this rally can go. Don't get hung up on decling volumes, this whole move up since March, over 4000 pts on the DJI, has been on lower volume. We could easily keep going from here.

And if all else fails just remember Dennis Gartman's saying' that if the squiggly line is going from the lower left to the top right of your chart, you need to be long.

Hang in there

Thinking of starting to leg into TBT down here instead of waiting for it to BO to the top. Can keep a lot closer stop in case long term rates go 2% or something crazy.

http://screencast.com/t/OTQxOGI3N2Ut

If we don't get a couple of down days soon, we're all going to have to listen to Cramer calling for 16,000 on the DJI again.

http://stockcharts.com/h-sc/ui?s=$SPX&p=5&yr=0&mn=0&dy=5&id=p86195696122&a=153285630

It's just like most other indicators, can't rely on just one. It can help predict certain movements, IF you can figure out what wave you're really in. And there are certain rules they have that can help. But leaves itself open for lots of interpetation. LOL, I'm simple, just give me a trend line.

I actually know a little about, but can't say I disagree with you lately. Seems like the wavists have an answer for everything, mostly in hindsight. Seem to work a little better on currency than stocks it seems, but currency markets trend better most times.

Amzn getting hit hard from pre market- has major trendline resistance on daily around 133.50

Gold down 13 points since retail numbers to 1106

More sellers than I thought there might be this am. Was worried move to new high might trigger some program trading

POT indicated 125-126

AAPL indicated about 1 pt. higher

DX getting hit - just broke 80

Gold- nice inverse H&S on 30min chart that it broke out of around 111 at 10:30pm - measures up 10 pts, currently at 1117 but getting ready to hit 30min 200ma which may slow it down some.

Euro broke over pretty major resistance at 1.37

USD/CAD back real close to 1.02

LOL, Only way we're ever going to have a real selloff is for everyone in this room to go 100% long.

If we happen o get more selling, keep an eye on AAPL. Right at 5min 200ma and has not broken in a week. Could get a tradeable whoosh down on it if it breaks. For aggressive traders only.