Apr 29- Looking for a quiet day with a down bias

Getting ready for a quiet day, and preparing for the fed announcement.

Tomorrow is a Fed Announcement. It is anticipated that we get a 25 bp cut, and nothing after that. People have nice gains over the past 10 days, and I think they will want to take a little off the table prior to the announcement.
I am looking to roll a few Calendars from May to June. I will probably roll half, however I am looking for a little pop up in these issues to bring the underlying back to the center strike.
at 9:10am, I would like to see a further drop in the IWM so that I can adjust my 67p spread and take some money off the table. However it looks like a snoozer today between 1388 and 1400.
President Bush spoke this morning, and gave a great idea… The Farm Bill, farmers don’t need government subsidies!!! Nor do the Energy companies, have them spend their own profits on Exploration and development. In fact, with his talk of need for new refineries he may have laid the ground work for subsidies to build them for the oil companies. Let’s hope I am wrong there.
Here is a stupid CNBC comment/headline of the morning!
“If you missed the 5 biggest up days of the year, you missed out on an increase of 12% on your porfolio. Yeah, and you missed out on a 8% overall decline on your portfolio. Just get back to what you do best and report on Mylie Cyrus magazine covers. Sheesh.
Adjustments –
IWM – I have rolled my May 67p to June 67p for .80-.82 credit around IWM 71.50. I decided to roll at the point where the A/D went back to even, and the TRIN was @ .70 (bullish).
TXN – rolled 1/4 of my May to June 30p for .46. I couldn’t get the .47s done.
Currently I am reading The Way of the Warrior Trader by Richard D. McCall.

It is pretty good.
I have an ongoing podcast I listed to by Steve Croft @ TradingPostFX.com It is fantastic. In the latest episode he talks about a 3-step Approach for Growth.
1) Finding a trading strategy that fits who you are. I think I have found a core strategy that works well for me.
2) Be honest with yourself. Do you enter and exit trades as you say you will. Do you take inventory of your situation, and create plans to enhance your results
3) Be committed and disciplined in your approach.
I believe I am all of these, however, I am finding stress this week because of sitting on hands and “not being productive”. Fortunately I have 380 positive theta points working in my favor. But again, I do find myself being anxious. I need a trading partner or coach to help me talk myself down from the tree. So far this month I am up 12%, and 32% for the year. I am pleased with that in the macro picture, but I really want to start finding my trades. The ones that offer me very large profits (100-500%) per week, with lower stress. I altered one of my scanners to find them again. And in the mean time I will be working my 80-150% gainers in a month. Samples of that are TXN, MFE, UST, AIG. I have them. I must be patient, and continue to grow my mind, and my discipline.
Sometimes the biggest problem I have is “wishing” the week/month would end so I can take my large profits off the table. The irony is that I have already put my next series of trades on. I know better than to wish time away. I do enjoy the present time. Although, I get into these modes of thinking that just propel me too far in the future. And for me, that is no way to live.
I have made a decision to hire a “life coach” now, and a trading coach at the end of June.

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