J.R.'s Weekly Wrap

Greetings once again. First of all you need to play the video so you have some music while reading the rest of this commentary and reviewing the charts.  I was fortunate enough to pull together a presentation on trading psychology to present to the group at this week's live trade meeting, unfortunately I did not come across this video or Ed Seykota's Trading Tribe web site until after the meeting. He speak'em plenty truths there about the human beings. If you are like most traders who struggle with emotions and your inner self then I am sure you will find something there to lift your spirits as well as your self expectations. Thanks ED!  Enjoy


click here for the Whip Saw Song

Okay, on with the show, looking at the daily we still have sideways chop (Whip Saw). Today's action should reinforce your faith in trend lines.(July 1st through present) As we broke all ma's and support lines on the intra-day chart it looked as if the bottom had fallen out, but there it was, kiss, bounce, back in the game. And we close right on that 1121 that I have been talking about. Need to grow some hair on that flat top to get over the 1133 now. In the mean time take a look at that channel on the weekly, you get a whip I'll get a saw, babe. We close the first week on the monthly right on that 50% fib retracement line of the all time high and mark of the beast low. Been here before and probably will be again.  Appears Mr. VIX has been whipped into submission for now as he closed the week two copper pieces off his low. Beware as his disposition can get quite nasty in an instance. Beat a bear long enough he will bite you. If you are long stay long with tight stops, if you went short today use tighter stops. Above all trade to trade well.  Enjoy the weekend. J.R.