Educational use only. Never intended as advice.

I like to think of the nightly preparation as 'game planning', which supplements the day-to-day intraday methodology (sequence trading) when I get screen time. As a physician, sometimes I get it, sometimes I don't. That's just the way it is.

First, I download Richard Russell's comments and charts at www.dowtheoryletters.com (subscription) and review Russell's big picture view. I then usually check out www.tradingmarkets.com for some of the major pieces from Dave Landry and Gary Kaltbaum. If you have a lot of talent to give market perspective, it's silly not to use it. Intraday, I have on the www.minyanville.com Buzz and Banter that can provide information I can't get elsewhere. If Todd and the guys say that the asset alligators are headed in a given direction, I can't ignore that, whether I choose to formulate a trading hypothesis or not. I'm responsible, not commentators, however good they are.

The nightly review includes an assessment of the 'major' action via review of the '100 MUST' charts (weekly and daily). That includes major indexes and sectors, and some of the key stocks within the sectors.

After I've reviewed the charts, I review the dynamics (TRIN, VXO extension, Stochastics oversold, New highs and lows, and so on). If the market is heavily oversold, I'm enthusiastic about looking for longs. If it's heavily overbought by my proprietary criteria, then I'm going to think about reversals, especially volatility bands.

Then I focus on some of the 'signals' that interest me:

profoundly oversold ETFs
profoundly oversold stocks of the Generals (SPX, NDX)
NR7 stocks (narrowest range of 7 days) looking for volatility expansion
DeMark patterns (oversold, overbought)
microcap value stocks for which I screen

I'm home kinda late after a 12 plus hour day between the hospital and the office, so I'm off to a really late start.

Yeah, it's working, but never as well as I'd like.

More later, I hope.