I made no trades today. Preferring my pen to my charts, I was drawn to write and log thoughts in several drafts, for later posting. I was actually scheduled to be in another part of the world today but since I had to cancel late last night, I was not really in a trading mood.
Market is slow and pensive today and it seems to reflect my mood. I think it's better this way since observing some charts as I write this, there are many stocks in a pause mode. Fridays seem to draw that out of late. What is nice is that there seems to be more observation going on rather than hurry or panic. I think it a good sign.
It is a good time for "Practicing Patience" ; it's time for a wait and see attitude. Time to reflect where we have been and where we are possibly heading. Our government has launched a rocket full of changes that I feel most of us have yet to reflect on and put the public and traders more in a reactive and conforming mode rather than in a reflective one. Some who have been wondering why the markets are doing well, have been frustrated for their logic but I think it's because we've been steamrolled into acceptance of things that we cannot possibly comprehend in such a short amount of time. So perhaps now what I'm reflecting is a desire to slow down. After all the lazy days of summer are upon us.
The collective consciousness is at work here in my opinion. A lot to digest some good and some not good but no matter which way we are going, to thine own self be true. Observe yourself; if it doesn't feel right, don't enter, don't jump, don't chase and don't run. Let your inner guide work here. I am reminded of another early article I wrote on the subject that may be appropriate for this mood. "A Different Feel"
No matter where you are it's good to remember that everything works in cycles and all will be resolved in time.
Happy Living and Trading!