Coach Mark here.

I attempt to write something interesting, actionable, and pertinent in the Tackle Today each day. I enjoy writing this little daily blurb and hope those that read it find it worth their time and enjoy the words I jot down. Today’s words I am jotting down relate to the dreaded P word…my least favorite subject.

Perhaps the most boring subject for me personally is patience. It puts me to sleep. I find it totally uninteresting. I want to hide under a rock while I write about it. When I write about patience in market terms it is essentially writing about nothing. However, there are times whether boring or not it is simply the correct topic and most relevant concept to mine and others trading decisions.

Markets have been very cooperative in recent years (and throughout time for that matter) after selloffs to provide actionable bottoming patterns. Individual stocks have been generally cooperative as well. We really have not seen anything close to those types of patterns develop yet. Eventually we will…we always do…until then the dreaded P word.

If the P word were not so darn profitable, I would bash it more. However, it makes people a lot of money so I will save it from any further rebuke here.

Have a wonderful Halloween Tackle Trading!

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Chart of the Day: S&P 500 (/ES)

Oversold conditions might be reasons to ease off bearish plays but is a hard to get too excited about putting significant new money to work until we see bulls gain control and they first step of that is normally some sort of support level that holds.

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