Have We Hit Bottom?

Hello everyone.
The last few weeks are interesting at best. The S&P has been floating, literally, at a MAJOR support zone. As the price broke support, I was seeing a great opportunity. Last week we saw the S&P come up to test the new resistance, and what happens?

It broke through.

Now I was set up great. I was thinking it would kiss this new resistance level then walk off the cliff. But no, instead we saw the S&P climb, as it has for the last few days. Although we have consolidated and consolidated, my question is if we stay at this level, is this the bottom? Are we just looking for an excuse to drive the markets back up? If so, then what are we waiting for?

To be a trader today is very interesting. This isn't an arena where we know the overall trend. As I watch the markets today, I'm glad that I know what I know. Opportunity is here, it is always here, and knowing when to grab it is what we all need to know today to thrive in this market. I just wish the damn stock I'm watching right now would "conform" and go my way!

Needless to say, my plan is sound and I know that my position is not exposing me to a lot of risk. And this should be the same for traders everywhere. I run into people everyday that tell me what has happened to there 401k's, and the best advice I can give is to learn how to manage your money. I know the markets tanked, but honestly if there were a plan in place for some of these people and their life's savings, would we hear about people losing years of savings?

I am going to be talking about plans a lot, because it is important. It should be a cornerstone of a trader's career. I haven't been trading for long, but I like to reiterate the obvious. For anyone who invests, make a plan.

As for hitting the bottom, we won't know till after it's happened. But look around, and tell me, are the signs visible? Do you see what I see?