Market Update

Patience has always been a problem for me, when trading exclusively for a living I had to set a rule that I wouldn't trade the first hour of the market. There's a Wall Street saying about entering positions cautiously and getting out quickly. I suppose it makes some sense, but while a profit is seemingly a good thing, taking too small of a profit can be very bad and not enough to offset all the small losers we call experience. So I struggle with patience, even though I think it is one of our biggest advantages over Wall Street. It's good to know your weakness and work to fix it; I may post on that later.

Here's the 1 min charts now, as suspected the a.m. early trade is fading, apparently the market was "supposedly" up on a QE3 rumor out of some think tank, it was appropriately timed to wipe out a good chunk of the retail limit order traders-how convenient...

 DIA 1 min leading negative divergence

 QQQ 1 min leading negative divergence

SPY 1 min leading negative divergence.

The bounce theory from last night is still alive and well, but as I always say, it's a process, not an event.