5 min Emini Nasdaq 100
Hi,
How is it going lately? As you know market can go into extremes easily.. Are we a little optimistic by gapping up again today?
I suspected so... Today's market action was characterized mainly by price trying to close the gap.. I did not enter as there was no clear signal from stochastics and short-term MACD.. You can see that price closed the gap nicely..
5 min Emini Nasdaq 100
Hi,
After4 days in the red, market gapped down again today only to cover up the gap immediately and beyond. I found 2 long opportunities when price pulled back to my moving averages..
1st trade,
I longed 1 contract at 1824 and exited at 1833 with only $180 profits. Notice that this entry was accompanied with stochastics cutting up the oversold line.
2nd trade,
I longed 1 contract at 1826 and exited at 1840 with is the high established in the morning session.. Notice that stochastics formed a double bottom, but short-term MACD only cut up the signal line in the second upwared swing. This gave me the signal to enter.
Total profits of $460.
Fundamental news:
Stocks are mostly on the upside in mid-morning trading on Friday, as earlier weakness on the heels of disappointing retail sales figures has been partially offset by buying interest that emerged following a strong reading on consumer sentiment.
Markets were able to stage a partial recovery as consumer sentiment saw a notable improvement in the month of June according to a report released by Reuters and the University of Michigan.
The report showed that the consumer sentiment index rose to a reading of 75.5 in June from the final reading of 73.6 in May. Economists had expected the index to show a more modest increase to a reading of about 74.5. With the increase, the index jumped to its highest level since January of 2008.
Peter Boockvar, equity strategist at Miller Tabak, said, "Consumers continue to show a stiff upper lip to the macro concerns we all obsess about."
The initial weakness came following the release of a Commerce Department report showing an unexpected decline in May retail sales, with the headline figure slipping by 1.2 percent after a revised 0.6 percent increase in April. Economists had expected retail sales to increase by 0.2 percent.
Also today, the Commerce Department released a separate report showing that business inventories increased by 0.4 percent in April following an upwardly revised 0.7 percent increase in March. Economists had expected inventories to increase by 0.5 percent compared to the 0.4 percent growth originally reported for the previous month.
5 min Emini Nasdaq 100
Hi,
How is it going lately? Market's extremely volatile and it is not easy to make money in this market.. We can really tell where the trend is going.. There appears to be no long term trend. Market has been climbing until late April.then all of a sudden we had the mystery of Dow dropping 10% ?? Just when we thought the markets are pleased with EU's bailout package, we have Hungary destroying it.
Market gapped down by around 40 points today, there is a weak attempt to close the gap, but failed... price then trended down very slowly.. I did not short immediately but waited until price cut down the opening price today.. this was accompanied by stochastics also cutting down the signal line.. I shorted 1 contract at 1854 and held my position all the way till the end as price did not cut up my upper trend line.. I exited only 1834 with profits $400.