The S&P 500 Emini Futures continued upward today on the strength of Apple's (AAPL) earnings and the FOMC statement. Fed Chairman Ben Bernanke commited to not only keep interest rates low until late 2014, he used the word "unchanged". He also stated the US Central Bank would not hesitate to initiate another round of bond buying if necessary as "Operation Twist" is set to expire in June.
Apple shares gained 8.9% to $610.00. The S&P settled at 1387.50 and has continued to drift higher on the Globex session. Last night's TWEET has shown a gain of 6.5 ES points so far. Lock in some profits as we wait for the European session to open.
Trading The FOMC
Trading ahead of any major economic event including the FOMC is not what we consider a best practice. There are those traders who specialize in trading news and this trader/writer has certainly traded his fair share, but after years of being on both the right and wrong side of the swings, I'm much more comfortable up in the bleachers watching the action down on the field.
Fed day's are rather tame now compared to just a few years ago. The Fed doesn't have any interest rate bullets left in the gun so it's become quite a non-event. What was once a 30 minute explosion is now being drug out over the course of the entire day in an attempt to evoke some excitement. The bottom line is, you never know when the rhetoric is going to suddenly change. Our best advice remains - Use Fed Day for golfing, boating, fishing, or a mani-pedi and live to trade another day.
S&P 500 Emini Futures
ES Emini Futures 04/25/12
Live Emini Trading Room Results
To view the results all the way back to August 1, 2011 visit our Live Trading Room Results section of the web site.
Tuesday April 24, 2012
Wednesday April 25, 2012
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