Dont get me wrong, Its not that I dont believe in the PPT.. I should have worded that differently.. but I just dont think its as significant a force in the market on a daily basis as we here like to think.. but even more importantly, I dont think theres really any easy way to determine when/if they are at work and what effect it will have..
Some times TOO much information can really harm someones trading results.. Today everyone seemed certain the PPT gave us the full throttle at the close.. Why?? Of course if we plunged 300 points tomorrow and people started trying to pick a point to do some trades on the long side- I can understand attempting to speculate where the PPT would come in.. but for the most part it just 'feels' like people use that when the market does the opposite of someones plan.. Go back over the last two weeks, and if you look at the first 15 minutes of trading and the last 15? you will see dozens of posts referring to the PPT, criminals/manipulators etc etc.. I agree its important to weight all our options and any tools at our disposal for us to pick and choose from in the never ending attempt to come out ahead- but some people get ridiculous with it, and it could be misleading to newer folks and have them chasing shadows : ) ..
Of course keep in mind that I am one of those folks who dosnt even use Level II.. I have it, but its over kill/too much information and I find it actually hurts my results..I average about 5-10 trades a day, mostly position trades so level II just brings out my demons/emotions which are better kept resting. Possibly thats where these opinions are coming from? Like not being able to walk/chew gum at the same time? : )
I have a game plan each morning, and with or without the PPT I execute, win or lose.. If the PPT or other market forces push the market one way or the other and my limits are reached? I step aside.. Trying to give reasons for the moves beyond the obvious just leads to trouble and the infamous 'deer in the headlights'.
Anyhow- not being a wise guy or a know it all.. One reason Im so quiet here is because after 10 years, Im still learning and am extremely outclassed by the incredible talent thats gathered here.. but I also think its important to not get carried away when the market makes a move contrary to the general thinking.. Fear, Greed, Ego, Scars from the past keep me busy all day trying to work around them. PPT is the least of my concerns : )
