Courtesy of Read the Ticker.
Time to review the minor sell off in the SP500 with our Gann Angles.
We are touching the lower 1×1 Gann Angle. However as like last time the SPY was at this level FED Bullard game out and talked up QE. We can assume another Bullard ray of BS very soon one would assume. Otherwise the clerks will be making margin calls if we go lower.
NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net
Investing Quote…
..”Tape reading is rapid-fire horse sense…The Tape Reader aims to make deductions from each succeeding transaction — every shift of the market kaleidoscope; to grasp a new situation, force it lightning-like through the weighing machine of the brain and to reach a decision which will be acted upon with coolness and precision”..
Richard D Wyckoff
..“Because of the extreme challenge, one must commit full attention to it.” Market speculation is “no different than trying to be a successful doctor or lawyer … you simply must devote yourself full-time to the study of your craft”…
Bernard Baruch
…“To me, the ‘tape’ is the final arbiter of any investment decision. I have a cardinal rule: Never fight the tape!”…
Martin Zweig
..”Until an hour before the Devil fell, God thought him beautiful in Heaven”..
Arthur Miller, “The Crucible”
[Contrarian Investing]
Novice Traders trade 5 to 10 times too big. They are taking 5 to 10% risks on a trade they should be taking 1 to 2 percent risks.
Bruce Kovner
