As reported we took a successful (and satisfying) small scalp and watched the SPX print what looks like the beginning of a b wave. These b waves can be profitable and in bull markets are great entry points. Probably not at present considering the general market situation (bear wave in a box).
A CHANGE OF POLICY
It has always been our policy, since 1999, to practice complete and total disclosure with our readers. This has involved noting our personal trades when they occur — a sometimes tedious exercise. We are ending this practice because, on consideration, we think that revealing our trades sets a bad example for readers. Ex students know that the professor strongly discourages day and swing trading. (It is only lately that we have taken up quick paced trading.) Edwards & Magee — and this Letter — regarded their role as to enable the investor to profit from trends of shorter duration than Dow Theory waves. So in the future we are only going to discuss trading situations when they affect that purpose. We will continue to discuss hedging situations.
Needless to say we will never trade or act against the interests of our readers.