Hey friend,
We got retail sales data this morning, which showed a broad advance that came in ahead of last month and expectations.
Pending home sales also came in far higher than expectations despite higher mortgage rates and tight supply.
The Fed releases its monetary decision in an hour…
And new chair Kevin Warsh will begin his market-moving press conference 30 minutes after.
The Daily Direction
Note: Indexes closed sharply higher yesterday but have been moving largely lower today. Still – all index directions remain upward.
The Daily Nugget
The worst sin in the market – thinking you know it all.
The biggest sin in the market is thinking you know it all.
Because the moment you think you know it all…
That’s when it all comes crashing down.
Now, this doesn’t mean there isn’t such a thing as expertise in the markets and trading.
Of course there is.
It’s more of an attitude – a mindset of always being intellectually humble – in a market that has a way of always surprising you.
It’s why Socrates – one of the greatest Western philosophers of all time – famously said “I know that I know nothing”.
Speak to any truly skilled trader, and you’ll be surprised at how humble they are…
In contrast to many of the loud-mouthed braggarts out there.
Just look at Head Trader Ross Givens.
Sure, he has that brash confident speaking style.But just look at his actual trading strategy.
It’s not about what he knows – not really…
It’s all about following other people who know better.
Ross will share more about his top method for doing that tomorrow.
So keep an eye out for that.
In the meantime…
With SpaceX already up over 50% from IPO price…
The Traders Agency Team
