Gold futures finished at an all time high after surpassing $1100 an ounce earlier in the day as unemployment topped 10.2 % in October, the highest in 26 years. The dollar fell as it became clear that the Fed will not be able to raise interest rates any time soon. This however, did not give much clarity to the stock market today. Volume was light and lacked a true direction. It was promising for the markets that the jobs report did not cause a sell off, but rather the markets held tight and once again traded above 10000.
Today we witnessed many of our own traders try to make something out of nothing. There was no clear order flow for most of the day, yet many were trading actively, causing nothing more than frustration and a negative p and l. It is these type of days when discipline is put to the ultimate test. It feels as though stocks want to move, yet they never really go anywhere. If you are having a hard time deciding whether you want to be long or short and you are flipping back and forth, then you should in fact walk away and do nothing.
As we enter the last couple of months of the year, we expect more of the same. Many days in which there will be no clear direction and days were there is extreme volatility. On the days of extreme volatility we need to be diligent and take quicker profits and quicker losses.
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