“I check Market Tea Leaves first thing in the morning…”
To Whom it May Concern,
As a professional trader since achieving profitability in 2005, I always spend 10 to 20 minutes daily, to get into "sync" with the overnight markets before I start my own trading, around 8AM EST, here on the East Coast. Usually I look at a bunch of different markets, check to see if they're behaving the way that I would expect them to (meaning if the US dollar is up, then Oil should be down, etc.) mostly looking to see if market correlation is intact or is out of normalcy for whatever reason.
It's been my experience that when the markets aren't in "normal" correlation, before the beginning of trading in the AM East Coast Time, that I have to be VERY careful about looking at correlation as a guide to my trading, on these type of days. On these days, I tend to trade markets that never or rarely have any historical correlation with anything related to other markets. Knowing this, before trading starts has helped my profitability tremendously over the years.
The biggest problem is finding the time to check all of this out, before trading starts (for me that's 8AM EST).
Fortunately, I found Market Tea Leaves and Nick Mastrandrea. With Nick's very reasonably priced service, I'm able to get up in the morning and on my iPhone, listen to his market commentary, with his short video, all while doing my "business" in the AM, which in the past was wasted and useless time (even though it's only 10 minutes or so). I know this may sound like a joke and many might find it funny, but it's the truth! The fact that he makes it so convenient to get in Sync with the overnight markets, is something that I now take for granted, because of his service.
He also lets me know when scheduled, potentially market moving news is coming out. Again, this saves me more time by not having to look at certain websites and "search" out this invaluable information for that trading day.
I have also come to respect his "market direction" call at 5:30AM EST. He makes this directional call with so little information, but with uncanny accuracy (over 75%, by my calculations). I'm not completely sure how he does it. I just know that if I take some positions in the direction of his "call", then I feel much more comfortable about their outcome (especially if I'm at the bottom of a range, in the opposite direction of his "call"). This leaves me plenty of "room" to be right with my trade!
I'd like to thank Nick and Market Tea Leaves for a service that truly has positive influence on my trading!