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September 08, 2008

Market Update: Bears Can Be Dead Right
by Dominick

Whenever there's a huge gap up as there was on Monday morning, you have to figure there's some real carnage somewhere. And though there's no pity due to those who are always biased one way or the other, you hate to see good traders trapped in positions because some sneak attack news release after hours.

But the weekend update explained why TTC members covered shorts and got long at 1223 on the ES. It keeps coming back to the same idea - you have to TRADE this market. And that's the whole point of this chart from the start of the decade.

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Bull, bear, call it what you will, but the best way to make money is to be unbiased and trade in the direction the market wants to go in the moment. As it turned out, buying Monday's big open was a sucker's bet and bears got off easy this time. Wall Street does give away money that easily. But whether this is a new bull market off the July 15 bottom or just another vicious bear market rally, TTC will be trading. Unbiased. And so should you.

For limited time only, TTC has reopened its doors to the retail trading community, but this is your last chance to join.

Dominick,
a.k.a. Spwaver
TradingTheCharts.com

This update is provided as general information and is not an investment recommendation. TTC accepts no liability whatsoever for any losses resulting from action taken based on the contents of its charts, commentaries, or price data. Securities and commodities markets involve inherent risk and not all positions are suitable for each individual. Check with your licensed financial advisor or broker prior to taking any action.

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