Weekends With Dr. Phil & Allstarcharts
- Posted by JC Parets
- on November 9th, 2013
We went over some pretty important topics today. One of the things that I try to emphasize the most is that when it comes to this market, it’s not about being right, it’s about making money. I can’t tell you how many times I’ve been bullish and faded strength and how many times I’ve bought dips when I’m bearish. It’s all about knowing your timeframes, risk parameters, and being disciplined.
There was interesting strength in US Stocks and US Dollars on good economic data Friday, while European Stocks and the Euro sold off Thursday on the rate cut. Looks to me like the market is telling us they are more concerned with a good economy than easy money. Maybe I’m wrong, but that’s how I saw the market behave this week, so we’ll see. Bonds were really disappointing Friday. I think the dynamics of this trade have now changed in the short-term and I don’t see any reason to be bullish for now unless price proves otherwise. Corn is probably the most interesting thing out there right now, as far as I’m concerned. We go over this trade in detail and also discuss market psychology as usual.
I hope you enjoy the video!
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J.C. Parets is the Founder & President of Eagle Bay Capital, LLC. He earned the Chartered Market Technician designation (CMT) and is a member of the Market Technicians Association. More
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