I understand your sentiment by50. A trader I highly respect has...

I understand your sentiment by50. A trader I highly respect has a very good system but yesterday's SPI wasn't going according to his plan.

So what did he do? Admitted it wasn't working, sat back and said "I'm not trading for the rest of the day" and re-evaluated.

I applaud yours and his ability to admit what happened, as I have also learned over the past couple of months.

I have traded actively this week because I felt I couldn't see the patterns work where they had previously.

For today, I'd favour the short side as I don't think the banks can continue their run. Also, the miners (apart from NCM, LGL, NEM) will be hit hard because of Rio and Xstrata requiring capital raisings, plus job losses at OZL.

Good luck all.