intraday 5min. view of SPY's price action

someone was playing games today

Take things as they are. Punch when you have to punch. Kick when you have to kick.
Bruce Lee

follow up: UNG

We talked about this break out and we are getting it today. What do we need after a b/o ? We will look for a follow through, that's the key now, follow through.
May the trend be with you ~ and you with it.

S&P 500 cash

One day at a time, today we got an inside day and can go ether way, and trading back at the top of the range, the line of least resistance continues to be upward.

What to do when in a range?  As the trend rider, there's not much to do when a market is stuck in a range. Manage your open positions and just sit on your hands. If it rallies out of that range-and sticks, then you look to buy. If it sells off out of that range and continues lower, then you look to short. It's that simple. I used the word simple and not easy. If it were easy, everybody would be doing it.

Trading & Ego, The Ultimate Chess Game

http://www.youtube.com/watch?v=chzqWI346DI&feature=youtu.be

How much further could gold fall?

                                          The truth is that no-one knows.

The 1970s can offer insights. The gold price from 1974-1976 corrected 47% before it rose 8x to peak at US$887/oz in 1980. Extraordinarily, the price increased 4x in the 13 months before the peak.

commitment is the game and fulfillment is the aim

"I would sometimes think that maybe I ought to stop trading because it was very painful to keep losing. In 'Fiddler on the Roof,' there is a scene where the lead looks up and talks to God. I would look up and say, 'Am I really that stupid?' And I seemed to hear a clear answer saying, 'No, you are not stupid. You just have to keep at it.' So I did."

- Michael Marcus

Market Wizard, is noted for turning $30,000 into $80 million. If even he started out taking enough lumps to generate serious self-doubt, how can traders learning in today's environment expect less of a persistence breakthrough challenge?

the line of least resistance is upward

for now  ~ one day at a time

follow up; UNG and SMH trades

now needs a break out and a follow through

stopped out at break even on a half position after taking 1R profit on the first half

advance through trial and error

Do not think that what is hard for you to master is humanly impossible; and if it is humanly possible, consider it to be within your reach.
~Marcus Aurelius