MACD crossed zero line, Bernanke Speech --> No rate cut? ---> $940 profits
5 minutes Nasdaq Emini 100 Candlesticks.
Hi,
The market gapped down today by around 3 points... normally, I would expect such a small gap to close and the Dow is still in positive territory in the first few minutes of market open... However, Nasdaq 100 simply went down..notice that the long term MACD also crossed the zero-line.. This gave me a strong signal to go short... I shorted 1 contract at 1831.... the final break came at 10:00 when price broke below 1830.... and price simply plunged further down all the way ....
there was consolidation at 1820,, but at 12:15... I shorted another 2 contracts at 1817 as price broke down... market seems to be in free fall until 15:00 when there is a slight pullback... I became wary and got ready to exit.... at 15:10, I exited at 1806 with $940 profits....
Bernanke's speech:
Overnight on Wall Street, stocks retreated as hopes of an interest rate cut faded on the back of a guarded speech by Fed chairman Ben Bernanke, while muted numbers from Apple (nasdaq: AAPL - news - people ) also weighed on technology stocks.