" I think were in for a run once the weak hands are out, I believe were going to be back at 70 by November..." ___________________________
Here`s a good lesson about hope and the phrase "weak hands":
1.----> Professional traders focus on limiting risk and protecting capital. Amateur traders focus on how much money they can make on each trade. Professionals always take money away from amateurs.
2.----> Embracing your opinion leads to losses. When a trader rationalizes a decline by saying things like, "they are just shaking out weak hands here," or "the market makers are just fishing for stops," then the trader is embracing his own opinion instead of listening to the market. This is also called "being an amateur" and leads to a one-way revolving door called financial ruin.
3.----> In reality, traders are not trading stocks, futures or options. They are trading other traders. Be aware of the psychology and emotions behind the person who is taking the opposite side of your trade.
4.----> Professional traders actively take small losses, and they do so because they know their most important job is to protect their capital. After all, re-entry is only a COMMISION AWAY. Amateurs resort to HOPE to save their trades. In life, hope is a powerful and positive thing. In trading, hanging onto a trade based only on hope is very similar to a trader spending the rest of his life filling holes in rotten teeth when he has no skill as a dentist. In other words, it ain't pretty.