Earlier this afternoon, the Philly Fed released their manufacturing report for May. The consensus was looking for an increase from the April 18.5 to 20 and compared to a March print of 43. Well, welcome to the world of Economic Recovery. The Philly Fed, instead of the expected 20, offers us a print of 3.9. Bam!
Of course, with that good news, Mr Market continued it rally for the day, up 62 as this is written.
The major indexes (or representative ETF's ) continue to bang up against resistance, and appear to have gotten themselves into a very tight corner. Please note the new trades to the right........ I will post very tight stops.
Let's try this again.
Best To Your Trading!
Bill
As a system trader, you have to stick to your system and just eat the whipsaw and drawdown. Typically, after a series of whipsaw, then a big winner arrives, which makes up for all the small losses and more.
ReplyDeleteThat is the nature of trendfollowing.
SC
ReplyDeleteMy problem is that I write the way I think.....but it helps me sort out wheat from the chafe.
Thanks again for your support.
Bill