New book by Larry Connors Click here Improve your trading - See how
I was supposed to be on vacation last weekend from Thursday forward. Those plans got pushed forward one week due to myriad circumstances, and am I ever grateful! Friday, Monday and today have been three of the easiest, most profitable consecutive trading sessions in 2006 to date.
ES (+$50 per index point)
S&P 500 futures opened above the daily pivot point as bulls tried to prop 'em up, but that was not to be. Selling begat selling once again as we enjoyed nothing but pure sell signals all day. Right off the opening bell there was a buy signal, but that soon reversed to the short side as we sold, sold, sold and rode the freight train south. Very easy trading day... just keep shorting each lift & fail, simple as that.
ER (+$100 per index point)
Russell 2000 futures also flipped from opening long to short signal and never looked north from there. Anyone who tried buying the straight plunge lower offered us liquidity on our side of the trades. After all... those methodical profits must come from somewhere. These are the times that savvy emini traders live for!
ES (+$50 per index point)
S&P futures broke below 62% support of the most recent low-high swing retracement. In the process they also closed well below the 50-day moving average (olive line) magnet as well. Looks like that weeks'-long boxed coil is breaking out directionally, and the favored direction is currently down. Expect 1280 and possibly 1265 to be the next stopping points of quasi-support below current resting levels from here.
ER (+$100 per index point)
Small caps held relatively stronger than the S&Ps... 50dma was the session low, and 62% of most recent upward swing remains intact. Until 741 breaks on a closing basis, bulls have upside hope. A daily close below that mark brings in 730 and then 718ish as next price magnets in sight.
Summation
There is no valid reason in the world why any skilled, knowledgeable emini
trader did not make money hand over fist in the most recent three-session
stretch. We know from a statistical standpoint that a majority lost money... a
majority always does. That said, we do not have to be part of the "market-fade"
herd. The "emini herd" collectively tries to buy plunging markets at various
points of (guesswork) support. That herd mentality of mindset to fight the
market is what creates beautiful sessions like today. Long live the herd... may
they collectively line our pockets forever.
From Wednesday morning forward I am officially on vacation. Our next visit together in here will be Monday morning 4/17 on national tax return day. Please enjoy your Easter holiday weekend, and best trading wishes for the balance of this week!
Trade To Win
Austin P
www.CoiledMarkets.com
(Online video clip
tutorials...
open access)
Austin Passamonte is a full-time
professional trader who specializes in E-mini stock index futures, equity
options and commodity markets.
Mr. Passamonte's trading approach uses proprietary chart patterns found on an
intraday basis. Austin trades privately in the Finger Lakes region of New York.
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
