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Cautionary Tail

Cautionary Tail

This is a personal story.

I got stopped out - badly on the sell off that started Sunday night on the ES and the NQ - lots did.

Ok - Well we know what happened with Evergrande story.

So my thought was buy lower and get 'em back and then some.

As some of you will know China was on a National Holiday till Wednesday night and no one knew exactly what would happen at the Asian open.

I took a long ES Futures after the close Wednesday at about 4340 - There was pretty good sell off at the close of about 25 points.

Then to watch it go against me - almost 20 points. I closed the position with the uncertainty I continued to read in the mainstream media.

Before I could get back in - the ES shot up 45 points.

One of the smartest guys out there offering and incredible amount free content devoid of BS is Jeff Snider follow him on twitter at : twitter .com/JeffSnider_AIP - it really is public service.

I had read his post that Evergrande was old news and nothing burger - before I ever bought this position however the market but the uncertainly I read about made me second guess myself.

Regardless the MSM was not our friend here - which I knew of course.

As a layman relying on on my will, technical understanding, and some understanding of macro economics I can honestly you literally cannot listen to what you hear in the news - which is saddening.

I'm angry that I sold at the bottom - but I'm more angry that Evergrande was a complete BS story to tank the market so Investment Bankers can continue to do what they do.

I will buy on the next pullback - which ideally would be at the point of control at 4383-ish - that said there an upward algo running and the best we might be able to get for the time being is the low 4420's for the time boing.

As Evergrande is nothing burger - there really isn't any reason that music stops now. Sure the Fed is talking taper - November however this is still September. All that said - anything of course is possible.

You can listen to Jeff on Youtube almost daily : or Spotify at : or find him companies corporate website Alhambra Partners :

Whatever you do - don't make any trading decisions based what you read in the news. I'm posting this publicly to remind myself not too make this mistake again.

Most of what I post is personal diary that I share - I get it wrong sometimes.

There are sparks brilliance once in while - and I find being wrong like having to ask for directions - to be avoided whenever possible.

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