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January 26, 2011 at 9:09 PM Emini Daytrading post State of the Union, pre Fed Interest Rate Decision.
daytrading, dow emini, sp emini January 14, 2011 at 4:13 PM Again, Read the tape and quit trying to buck the trend…1300 is on the horizon
We walked into the morning session with the indices lower because the Bank of China raised there reserve requirement. Asian markets were trading lower which set the stage for a lower opening. Restricting the money supply put pressure on commodity prices overnight, especially gold and silver which couldn’t recover and finished the day down 2%-3% and on its backside for the week. JP Morgan reported before the opening bell and beat expectations thus lifting financial stocks along the way. Then we were hit with a slew of mixed economic reports. Retail Sales rose 0.6% in December but missed the forecast. Consumer Confidence fell to 72.7 from 74.5 but the street was expecting something better. Consumer Price Index or CPI rose 0.5% in December, the largest increase since June 2009. Whew, that was a mouth full. How do you make a trading decision based on all that? My advice, you don’t just look at a chart.
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