Posted by downtowntrader | 10/24/2006 10:59:00 PM | | 0 comments »

Tomorrow is Fed Day and I will probably hold off on initiating any positions until Thursday. Although tomorrow shouldn't have any changes to rates, the wording will be excrutiatingly examined. With the markets overbought, this could be the catalyst for profit taking, so I will stand aside and manage my open positions. With that in mind, here are a few links to check out:

  • Kirk may of found the perfect contrarian indicator. I noticed something similar this morning as I heard an ad on bloomberg radio stating, "the market is at all time highs, and people are getting rich. With only a few hours a week, blah, blah, blah". This is the type of advertising that was promoting getting rich on oil a few months ago, and on real estate before that.
  • I'm a little late with this link, but Market Speculator on Part time trading is an interesting topic.
  • Ike Iossif is expecting a decline late this week.
  • I love these narratives from Highchartpatterns. I think beginning traders can learn a lot from reading these types of posts as to how advanced traders tackle the markets.
  • Here is part 1
  • Here is part 2
  • and part 3
  • On that subject Traderjamie tackle how he trades gaps. Part 2 coming soon.
  • And Tradermike had a classic post on how he trades a while ago, but it is a great post for those trying to improve on their routines.
  • Traderfeed had a nice post with very good advice for beginning trader. I'm not sure how Brett has time for all the detailed analysis, book writing, trading, and blogging, but man he keeps pumping out quality stuff every day.
Have fun reading.