S&P 500 Emini Day Trading Gap Friday March 26, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2144" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Friday March 26, 2010"][/caption] S&P Emini 500 Futures gapped up 8.25 points this morning, then proceeded to notch a new high for the year.  The high, 1176.50, provided serious resistance, as the average fell to fill the gap, then continue lower to close near the session low.  The chart volume graph shows volume increasing as the price fell, with a big 100,000+ contract volume in the last five minutes.  Total volume on the day was above average, the daily candlestick formation suggests a bearish tendency.  Watch pre market volume for an indication of how the S&P Emini will trade in the first hour of regular trading after the 8:30 a.m. GDP report.

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Forex managed fund IMF getting involved

Compared to the fireworks of yesterday and EURUSD's fresh lows in Asia at 1.3284, today's European and US session has been more subdued for the majors; with EURUSD taking the opportunity to consolidate between 1.3300 and 1.3370 without looking that likely to threaten fresh lows. Eurozone M3 growth in February contracted -0.4% YoY, more than the -0.1% expected and a disappointing dip after last month's +0.1% reading. However European data was never going to be the main focus of the day, with markets instead focused on the run-up to the two-day EU meeting in Brussels where finance ministers from across the continent are convening to discuss the options and practicalities of dealing with the Greek crisis. So far, the main bone of contention remains the scope for IMF involvement in any bailout, with Germany's Angela Merkel vocal in her opposition to a solely EU-backed rescue which would probably result in Germany having to foot the bill. As such, she has asserted that the IMF must be involved to share the burden; however notably, this stance contrasts with the view of both French officials and ECB members' comments in recent days. This conflicting stream of rhetoric from different Eurozone camps does little to clarify the current state of limbo in financial markets, and if anything gives the impression that a unified solution will be very difficult to thrash out by the end of a two day meeting. In the meantime, GBPUSD has had a whipsaw day after the bittersweet February Retail Sales figures were released in the morning session. Although this month's numbers smashed consensus estimates with sales excluding auto fuel at +1.6% MoM (+0.6% expected) and sales including auto fuel at +2.1% (0.8% expected); there were dramatic downward revisions to the January figures; with sales ex-auto fuel down to -2.1% from -1.2% and sales including auto fuel down to -3.0% from -1.8%. As traders saw the headline figures hit the wires, GBPUSD spiked to an intraday high of 1.5 [...]

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Forex manged account London close

The USD buying continued overnight and indeed accelerated, as China threw some contentious comments into the Eurozone debate. The Greek issue clearly remains in the forefront, as EU officials convene in Brussels today for a two-day summit. At this point, a solution seems a far way off, as decision makers remain divided from an economic standpoint as well as political. German chancellor Merkel provided additional bailout squashing rhetoric, saying there wouldn't be any concrete financial recues plan for Greece in Brussels and that any IMF assistance should only be used as a last resort. Meanwhile, what we consider the biggest barrier to an IMF plan was articulated by ECB Governing Council Member Smaghi harsh words for any IMF rescue measure, stating that this would put the EUR in jeopardy. "Those who are interested in economic and monetary stability in Europe should resist going to the IMF." "To put it provocatively: People should go to the Constitution Court if the IMF is called upon, but not when the EU organizes bilateral assistance." He also stated that he believes bilateral assistance could work within the EU treaty. Also adding to evidence that forward progress would be stymied was a report from the German newspaper Die Welt, that preparations of the Brussels summit are "chaotic" as Greece is not on the official agenda and separate meeting incorporating the 16 euro area nation must quickly be organized. Yesterday's downgrade of Portugal by Fitch, was the initial trigger for a massive sell off in EURUSD as the risk of contagion (which had seem to be lessening) was reintroduced to the market psyche. In the Asian session, PBOC's Zhu commented that the Greek debt crisis was "the tip of the iceberg" and other EU countries were at risk. The EURUSD, which was hanging precariously around 1.3330, collapsed to 1 [...]

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Forex day trading managed fund news

The S&P 500 Index dropped 0.6% to 1,167.72 yesterday, its first decline in three days while the DJIA lost 52.68 points, or 0.5%, to 10,836.15 on concern government deficits will hamper a global recovery as Fitch cut Portugal's credit rating and a UBS economist said Greece will default. The Nikkei rose 0.1% to 10,830.63 as Japanese stocks fluctuated as makers of cars and electronics rose after the JPY weakened to a two-month low against the USD 92.40, while commodity-linked shares fell after oil and metal prices dropped. The JPY rose from a 10-week low against the USD climbing to 91.78 earlier today on speculation Japanese exporters took advantage of its biggest slide this year to buy the currency before the fiscal year end next week. China's stocks fell the most in a week as the Shanghai Composite Index lost 0.8% to 3,031.56 on concern the government will step up efforts to cool asset bubbles. The NZD rose 0.3% to 0.7039 from the lowest in more than a week as the GDP rose 0.8% in Q4 2009, spurring prospects for the RBNZ to raise interest rates. RBNZ's Bollard kept the rate at a record low on March 11 and said monetary stimulus would likely be removed around the middle of 2010 amid higher bank funding costs and a "relatively sluggish" economic recovery with traders betting the RBNZ will increase its interest rate by 180 basis points over the next 12 months. AUD recovered some of yesterday's biggest drop in seven weeks climbing 0.4% to 0.9114 as RBA's Lowe said the mortgage rate "is still around 0.5% lower than the average of the last 15 years" and that the benchmark rate needed to move gradually toward "more normal levels" to contain inflation. The EUR was also close to a record low against the CHF trading at 1.4282 on speculation the EU will fail to agree on decisive measures to help Greece tackle its fiscal deficits at the meeting starting today in Brussels. EUR could see further downside to 1.3000 levels on speculations that Spain [...]

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Forex Day Trading Room

EUR/USD [caption id="attachment_644" align="alignnone" width="300" caption="FXDMG"][/caption] Here is a chart to chew on. This is a 15 min and as you can see we had a few good signals to pocket some Euro dollars. The Day isn't over yet as New York comes on line within the hour. I am interest in seeing if the price will hold for today or will it continue it's downward trek. Follow the EMA's. They will never let you down. By the way here is why I use the 3&5, 34&89. Fibonacci numbers: 1,2,"3","5",8,13,21,"34",55,"89". My charts I keep to as close to the Fib numbers as possible, I use Fib numbers on my studies as well. That way, there is harmony in them working together. FXDMG

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Forex Day Trading Room

EUR/USD Well... did you ever open a bottle of soda and "no fizz". Well I think that is what happened again. Other than a widening pip spread of 5to 6 pips, not much. Well lets see if we can find a few more 10/15 pip trades. Perhaps we can still end the day with a 100 pip in the bag. FXDMG

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S&P 500 Emini Day Trading Gap Thursday March 25, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2142" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Thursday March 25, 2010"][/caption]

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Forex Day Trading Room

EUR/USD Once again ... a heads up for news out of the US at 12:30 GMT. Initial Jobless Claims & Continued Claims. Just be careful. FXDMG

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Forex Day Trading Room

EUR/USD The Question is How high will it go... Just past 11:00 AM in London and the EUR/USD has eeeked up to the 1.3360 level where I see a few groups have their stops. I am watching price action crawl up along our EMA's on the three time frames but there does not appear to be much enthusiasm in going much higher. BUT we do not predict where the market will go, we only follow it. Well... as I am writing I see we just had another 8 pip charge and now the retrace, looks like rail road tracks. Well keep an eye open for news in just over a hour(12:30 GMT) I think it could move the market so either be out of be cautious. FXDMG

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Forex Day Trading Room

EUR/USD At 11:30 GMT, ECB's Trichet Speaks at Conference in Brussels probably a non event as far as moving the market. At 12:30 GMT, we have US Initial Jobless Claims, and Continuing Claims, BE CAREFUL here as this could actually do something. Here I would probably be out of the market until after the release. As I have said before, it only costs 2 pips to enter back into a trade and that is cheep insurance. The rest of the day is sprinkled with more news events but I don't think anything that I would get out of a trade for protection. Although I do suggest you read your favorite news  web site to see for yourself. FXDMG

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Forex Day Trading Room

[caption id="attachment_629" align="alignnone" width="300" caption="FXDMG"][/caption] Very tight range. Not much motivation for a move up or down. BUT some carful scalps of 10/15 possible. Watch the BB limits. UK retail sales figures out a 9:30 GMT FXDMG

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Forex Day Trading Room

EUR/USD Anybodies bath tub. We have convergence of the 34 & 89 on the 5 min. and the MACD is neutral. Below the 89 EMA on the 15 min but the 34 is slicing through the price action, and MACD is turning neutral. It look like the Price action wants to stay between the 89 EMA on both the 5 min and 15 min charts. Watch for a narrowing and keep you eye on the B.B. of the 5 min. for a breakout. May take a while. Be safe. FXDMG

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EUR/USD For those of you that watch, the  Euro-Zone M3 s.a. is out in 20 min. FXDMG

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EUR/USD Some PPI numbers out at the bottom of the hour. 8:30 GMT Just a heads up. FXDMG

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EUR/USD Nice positive turn above the 1.3300 the figure. Crawled just above the 89 EMA on the 5 min and is well short of the 89 EMA & B.B. on the 15 min. We'll see if this is the first level of resistance. Keep it tight. You never go broke taking a profit. FXDMG

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