daytrade diaries... tuesday, page-4

morning guys,

after being very sceptical of the sustainability of this recent rally it is actually very good to see the pullback overnight, the market was clearly overbought and needs to pullback a little further to refresh before moving higher, for an ideal setup the S&P 500 need to drop to around 750 before bouncing again.

it's good to see many on this thread have recently been converting more to cash, at this point there is no need to chase the market, just be patient and let the stocks come back to a level you as an individual trader is happy with.

like Wilson yesterday I am a firm believer of rewarding yourself if you have had a good trading period, it is also very important to take some time away from the markets to refresh and comeback clear minded.

I will be away from the computer for the majority of this week as the MRS wants to spend some of the recent hard earned on a holiday penthouse apartment in QLD.

finally I noticed this morning after being away from the computer yesterday arvo a debate raging about posting motives, it is important for everyone to take responsibility for their own investment decisions.

Hot Copper is a good place for investment ideas and there are plenty of great traders on this thread, but ultimately it has to come back to the individual to make their own investment decisions, I would hate to see some of the main contributors on this thread stop posting on the back of increased badgering from individuals that are not willing to take responsibility for their own investment decisions.