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December 11, 2012 at 9:16 PM Monday morning we took a close look at the Fibonacci retracement on the hourly chart during our Live Daily Radio Broadcast. Based on the swing low at 1410.75 and the swing high at 1421.00, we determined the area that would need to hold on a pullback to keep the rally intact. Here is the chart -
S&P500 Emini Fibs - Hourly Chart
October 20, 2012 at 3:55 PM Luke's Nephew: [on visiting day] Uncle Luke? Why can't you have chains?
Luke: John-boy, lemme tell you something. You know, them chains ain't medals. You get 'em for making mistakes. And you make a bad enough mistake, and then you gotta deal with the Man. And he is one rough old boy. (Cool Hand Luke 1967)
As traders we are quick to put on mental shackles. Bind ourselves to a way of thinking that lives somewhere between no-sense and nonsense. We paid our dues ($99.95) to the indicator man, had a free lunch and spent 3 hours earning a degree from the traveling seminar man ($299.00) and now we're ready. Bring on those champagne wishes and caviar dreams. How did I live so long without hearing about this trading stuff? Oh well, no time for remorse but I do feel sorry for those poor fellows who haven't heard the good word and still have to earn a living by the sweat of their brow. Perhaps I can help a few out in the future in my spare time, but for now I gotta' get clicking and start making those ticks cause "Come on baby, daddy's about to get rich".
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