The next Meetup is scheduled for July 14 from 6-9pm. Look forward to seeing you all there!
Weekly Commentary –
This week we saw slightly bearish action across the major market indices.
The Dow and S&P500 indices retraced and closed near the 61.8% Fib levels of their current swing.
While the Russell 2000 closed right around previous swing highs. Will previous resistance act as support?
Normally with the shortened July the 4th holiday week I would expect some tempered market action for the coming week.
However with the Greek crisis in the headlines and a Greek referendum days away it’s hard to say what type of fireworks we shall see.
One thing is clear, if we take a step back and take a look at the monthly chart on the Dow the trend is still up and we’d need to see price break through various support levels before calling the end of this bull market cycle.
Lastly, each week I’m continuing to watch the major sectors to see how the sector rotation is playing out.
This week we saw the charts on the Builders, Industrials, and Utilities breaking down with Financials, Consumer Discretionary, Healthcare, and Energy sectors staying positive on the week. Let’s keep on eyes on how it plays out.
The major sectors are posted here on Finviz for your viewing pleasure –
Discussion of the Week – Why trading without emotions is a myth
If you answered yes to any of the previous questions then you’ve struggled with maintaining the right mindset for trading.
This week I had the pleasure of interviewing Rande Howell.
Rande is a trained therapist who coaches retail and professional traders as well as the author of one of my Top Recommended Books, “Mindful Trading: Master Your Emotions and the Inner Game”.
Rande and I had a great conversation around trading psychology and how traders can begin to create a successful mindset for trading.
You can find the interview posted here.
Here are some of the big ideas in the interview –
If you’re interested in finding out more about Rande’s work you can find him @ http://www.tradersstateofmind.com/.
I also highly recommend signing up for his free e-book that is a compilation of his best articles.
PS: We’ve started up a Facebook Group for the Meetup group. Come join in on the discussion and share your ideas –