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Pre-opening Comments for Wednesday November 11th
U.S. equity index futures are higher in quiet overnight trading. S&P 500 futures are up 7 points. Activity on equity markets is expected to be quiet today. Banks and bond markets on both sides of the border are closed for Remembrance Day (Veterans Day in the U.S.).
Futures were buoyed by comments by Richard Fisher, a member of Federal Reserve board that confirmed the Fed’s lack of focus on the U.S. Dollar. The U.S. Dollar declined to another 15 month low this morning. Commodities priced in U.S. Dollars are higher. Gold reached another all time high in U.S. Dollars.
Futures also were helped by news that China’s industrial production is growing at a 16.1% rate.
Toll Brothers, a builder of upscale homes in the U.S., gained 10% after announcing that fourth quarter orders rose a greater-than-expected 42% from the previous year. .
Canadian Oil Sands Trust was upgraded to Buy by Credit Suisse.
Macy’s fell 4% despite reporting a smaller than consensus third quarter loss. Macy’s also raised guidance for the fourth quarter, but guidance was lower than Wall Street analysts were expecting.
Research in Motion added 2% after Wal-Mart announced that the purchase of a Blackberry through Wal-Mart will include a $100 gift certificate.
Technical Action Yesterday
Technical action by S&P 500 stocks remained bullish yesterday. Another 17 S&P 500 stocks broke resistance (ABT, BMY, CMS, ED, EFX, EIX, ETN, GIS, ITW, KO, MDT, MEE, MKC, PBG, PCLN, RTN, SNA ) and one stock broke support (CI Industries). The Up/Down ratio rose from 2.10 to (289/135=) 2.14
Technical action by TSX stocks was quiet. Two TSX stocks broke resistance (Cominar REIT and Westjet) and one stock broke support (MDS Health). The Up/Down ratio slipped from 3.02 to (132/44=) 3.00.
Weekly Relative Strength Review of Sector SPDRs
Interesting changes in relative strength this week in several sectors! Most sectors that benefit from positive seasonal influence at this time of year(Information Technology, Industrials, Consumer Discretionary) also showed positive relative strength relative to the S&P 500 Index. Materials, a sector, that normally performs well during its period of seasonal strength, remains an underperformer, but is showing early signs of improvement. Consumer Staples has started to show early signs of momentum loss. It slipped to a market performer last week. Traditional underperformers at this time of year (ie. Utilities, Health Care and Financial Services) also are following their seasonal patterns. Five of the nine SPDRs managed to reach 2009 highs this week (Information Technology, Consumer Staples, Health Care, Industrials and Consumer Discretionary.
Chart courtesy of StockCharts.com www.stockcharts.com
Chart courtesy of StockCharts.com www.stockcharts.com
Chart courtesy of StockCharts.com www.stockcharts.com
Chart courtesy of StockCharts.com www.stockcharts.com
Chart courtesy of StockCharts.com www.stockcharts.com
Chart courtesy of StockCharts.com www.stockcharts.com
Chart courtesy of StockCharts.com www.stockcharts.com
Chart courtesy of StockCharts.com www.stockcharts.com
Adrienne Toghraie’s “Traders Coach” column
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Desperate vs. Hungry
By Adrienne Toghraie, Trader’s Coach
Many of the people that I meet at conferences of late are desperate to make a living at trading. Actually, they are just desperate to earn a living at anything. Trading is their way to make money fast, to prove that they have value to themselves and others, and to work without the threat of losing a job. These are the wrong reasons to become a profitable trader.
Needing the ABC’s from everyone
There was a schoolteacher who was at the last Expo I attended. She came to my booth after my workshop and told me her story. She was coming into a substantial amount of money and wanted to make the right choices. All through her story I kept thinking what she really wants is someone to take away all risk. She was crying out in her soft-spoken voice:
· Please help me so that I can retire and feel secure
· Please help me so that I don’t make the wrong choices
· Please help me so I don’t need to worry
I first gave her the names of the teachers who would be best for her to work with. Then I decided to narrow it down to one trader whose system is relatively easy and risk adverse. From there I recommended my Business Plan Package out of my course and my E-Books “A Lesson a Day for Traders.” I knew that with a good strategy and a place to put that strategy she would have a great start. This unassuming teacher took almost an hour of my time. I thought it was time well spent however, when she left my booth extremely grateful. Fifteen minutes later I was taking a break and saw her at another booth telling her story. One hour later she came back to my booth and said that she was uncertain that she made the right choice by purchasing my material. I told her that she was absolutely right; that she did make a big mistake and gently tore up her invoice while taking back the products. She was obviously upset that I would not give her more of my time. I did not feel that my giving her more time would have value to either of us. Later I saw her again wasting someone else’s time.
Losing everything but a success model
At this same conference there was a man who also attended my workshop and told me his story. He said that he became a mega millionaire from real estate and lost most of it because of the present day economic crisis. He said he wanted to use the same success model for trading as he did in becoming a real estate agent. I asked him for his model. He said, “I find the best, work smart until I have proven to myself and others who are in the know that I’m ready and focus on that one strategy.” Having wasted my time with the teacher I asked, “Why me?” He said that before the conference he studied up on everyone presenting. What sold him was the fact that everyone seemed to say discipline was the most important part and after hearing my lecture, he felt he was pointed in the right direction. I gave him the same recommendations that I gave the teacher. But he took the reins and said, “No, I will purchase the whole course.”
Do you think I can become a trader?
Many of the people at the conference were looking to see if it were really possible to be a profitable trader. They especially wanted to know if they had what it takes. By their response to my answering their question, I could tell if they had what it took at least from the start. Here is what I observed and here is how I think about it.
- Those who tried to convince me that they did not have what it takes, or their spouse did not think that they had the right stuff to become a trader are usually right.
- Those who are totally unrealistic about the time it takes, the money it takes and have an unrealistic expectation of the profit they are likely to generate are usually wrong.
- Those who respond by saying, “What do I have to do? How long should it take? What can I realistically expect? This is what I have – please tell me what is missing?” These are the type of people who I believe have a shot at becoming a professional trader.
Reality check
The fact is more than 70% fail badly. What makes you think that you can overcome these odds? Those of you who are desperate are more likely to fail. Those of you who are realistic and do the research to make the right choices are more likely to succeed.
November Events with Adrienne Toghraie
Adrienne will present at Traders Expo Las Vegas
Friday, November 20 (no charge) – 5:30 PM – 6:30 PM
Recognizing 15 Sabotage Traps in Trading & Investing
After the Traders Expo in Las Vegas
Adrienne will present her Master Class for Traders
Sunday, November 22 – Tropicana Hotel – 9:00 AM – 12:30 PM
$500 (Ask about the early enrollment discount – now $300)*
The aim of the Master Class is to provide Traders
with Winning Psychological Models for Trading
You will learn from Adrienne
P Lessons Adrienne has learned to assist you in overcoming your self imposed limitations
P A success model to direct your mind towards the information you want and need to become a master trader
P A success model to deal with time management and getting things completed
P Lessons of professional traders
Who should attend
P Those who want to learn the pitfalls and lessons before they start to trade real money
P Those who are struggling with earning profits as a trader
P Those who can’t get to the next level of success
P Those who want to speed up the process to become a master trader
* TO REGISTER AND RECEIVE THE DISCOUNT FOR THE MASTER CLASS CALL – 919 851 8288
Disclosure: Mr. Vialoux does not own securities mentioned in this report.
Disclaimer: Comments and opinions offered in this report at www.timingthemarket.ca are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.
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