The emergency discount rate cut has played out beautifully. As I said yesterday, the Fed's hand was forced to do this. What is hilarious is that the Dow panics
higher by about 300 points, remembers that this rate cut solves nothing, and in all likelihood the market heads back lower sooner than later.
Last time the Fed stepped in to service the market with an emergency rate cut, the Dow responded a lot better (
temporarily) but the end result was a continued trend lower. I can't imagine we see anything but the same scenario. Remember, downtrends will have rallies too. Sharp ones!
If you dare step into a bullish stance here, reevaluate your stance at the end of each trading day. Keep your
time frames short term, be quick to take profits, and trade small. Yes, I know this is the same regurgitated BS I say every single day. Listen, because I still mean it.
CONFERENCE UPDATE: Since the recent poll reflected more individuals wanting to meet at the Conference Center instead of a Piano Bar, I am making a change. After the welcome reception, I say we meet in the "lobby." I haven't been to this establishment yet, and I imagine that the "lobby" will be a good place to meet until we get a better feel for the conference center. Once everyone has at least gotten together, they can plan future rendezvous accordingly. Afterwards, I am still going to check out the Piano Bar, and those interested are welcome to attend. For all those that won't be making the trip, I hope we will cross paths at some point.
It's been a long week, and early next week will be some light blogging. I'll do my best to get a new thread opened each day, but I won't have time to deliver much content. Wednesday I should be back on track.
I'll see you on the other side....
Recommendation: Have a great weekend.
Long: Chicago
Short: Packing
AFTERNOON UPDATE:
Karen (aka. Doji Girl) typed up this piece about trading parallels that she wanted to share with the group. Karen, thank you for your efforts, job well done.
Since becoming immersed in the world of trading I am constantly finding parallels between other aspects of my life to the trading world. I have often thought that dancing is a lot like trading. So is art. Real estate….the list goes on.
In the dojo where I learn and practice Taiko drumming, hang four framed Japanese characters with a sentence in English below each one. Although I look at these every week, I never related it to trading but for some reason last week something clicked in my mind. I realized that the way the dojo is run reminds me a lot of this wonderful blog community that many of us have come to call Home.
Here is what the four plaques say:
Manners, Harmony, Commitment,
Language and Unity of Spirit
How we conduct ourselves in the dojo and online on our blog is basically the same. We are all here for the same reason. We are all committed to becoming the best traders (drummers) we can be. Respect for the dojo (blog); respect for each other.
Discipline of Body Strength,
Power & Stamina
If we do not take care of ourselves physically we will not have the mental energy and psychological fortitude necessary to be successful. Drumming is hard work. So is trading.
Musical skills, Artistic Expression & Rhythm
You’ve heard it said many times that technical analysis is an art. Creating the perfect trade is an expression of that art. Being in tune with the rhythm of the markets will allow that art to flourish and become the masterpiece you envision.
Discipline of Mind, Self Control and Spirit
This last one is for me the most important. Without the discipline and self control to plan your trades and trade your plan, you will not be successful. The spirit of the Taiko drummer is a warrior’s spirit. The spirit of a trader is much the same. Attitude is everything.
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Finally the 
I also like the triangle setting up in 
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Howling at the Moon
Having a blast
