Michael Covel

Michael Gibbons sent me this note today (that he sent his subscribers):

“…you should know that I rarely (if ever) talk about the news. My view as a trader for 38 years is that market moves create the news, not that the news creates market moves. Therefore, to say that this news event caused the market to do thus and so - is absurd. No one knows why the markets do anything (although many traders with great hubris think they know), but it is a claim that cannot be epistemologically defended in my view. I have made immense trading profits for my clients and myself precisely because I do not listen to the news or any outside influences. I follow a 100% non-emotional and highly disciplined mechanical trading strategy. And finally, to make money trading, we need only to know that markets move- not why they move. All of my trading methods are primarily based on price because price is reality. Trends in motion will stay in motion until they reverse.”