Last Call: You Want The Facts? 6/30/2010 3:30 PM

"But I began to blame it on other things. You know, when you're not thinking in the right frame of mind all you can see are these outside factors that are really messing you up. It's a lie. I had a hard time, and then I met up with a friend of mine, Bruce Williams. He told me things that completely turned my trading around. You hit singles every day and don't go for the home run.' Sliter was anything but an instant success. "My whole problem was that I wanted to be a big trader right away," he says. 'In my second week in beans, I traded three million a side. I had no discipline.' Because of losses, Sliter was twice "benched" by his clearing firm. He figured he had one chance left. He turned things around when he entered the S&P pit in late 1986. He found trading a primary market with plenty of liquidity easier than the thin MMI market. He used stops and didn't overtrade, putting on only 10 contracts at a time when he started." -- Donald Sliter, from The Outer Game Of Trading

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Ok, let's get right to the point --

Macro fundamentals are deteriorating, the economy is slowing -- housing may be double-dipping-- not creating jobs and won't anytime soon, the pols are out-of-control, trying to ram through everything they can before many of them are thrown out in November.

Then there are the technicals of the equity market which are horrible, indexes stuck below the 200 Day ma....this week there should be a truckload of new Weekly TDST Sells for that Top 20 Page unless we see a monumental rally over the next two days.

So you bulls who are still beating your chest, knock yourselves out. Scoop up all those bargains that are "on sale".  

This irritates me because the same people made the same mistakes in Fall 2008, and they are quite possibly leading others over the cliff again. Don't listen. Make your own judgment.

When factors are good, I like to buy stocks because it's easier to make money in a bull market. If the facts change, I'll change. Right now I just don't see that happening.

One of these days, possibly Friday on the news of the Payroll print, we'll get a 200-300 point rally. If it keeps on going and takes out the 200 Day ma I'll have to step back and examine the action.

But I think it will likely be the ultimate sucker move, the Trojan Horse that traps people.

I'm getting prepared to find more short selling targets, watching multiple time frames on these stocks with DeMark Indicators. When a good opening to get short/buy puts comes up, I'll post it. Of course, I'm not recommending that anyone take a trade.

Back to update this, and good luck into the close.

Stephen

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