Wednesday’s Bit of Wall Street Wit & Wisdom

The Sub Treasury Building (now Federal Hall National Memorial) and the statue of George Washington, opposite the Stock Exchange in New York in October, 1929.

by Steven Sarnoff

Selling is setting the tone to start the year in pre-market trading.  Because of the holiday-abbreviated week, today feels like a Monday.  Following, you’ll get two for Tuesday on a Wednesday!

This bit of simple wisdom may be among the most difficult for traders to learn:

“Markets are never wrong; opinions are.”

— Jesse L. Livermore

As a chartist and technician, I am particularly fond of this Japanese adage:

“The chart is never wrong; only the analysis.”

Two bits of personal trivia:

My first job on Wall Street was as a runner (messenger) in the early-1980s and I used to eat lunch on the steps of Federal Hall.

My father, Paul Sarnoff, authored a biography titled, Jesse Livermore Speculator-King, published in 1967.

As Options Hotline begins its 30th year of publication, we’ll continue to tune out the noise and use our charts to focus on what the market is telling us.

Best regards,

Steve

 

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