Actionable ideas for the busy trader delivered daily right up front
- Friday uncertain, bias lower.
- ES pivot 1408.42 Holding above is bullish.
- Next week bias uncertain technically.
- Monthly outlook: bias uncertain.
- ES Fantasy Trader closed.
Thursday was a perfect example of what I mean by "uncertain" as the market got jerked around by more FC rumors and blathering from Professional Politicians. The day started off level, then the Dow tanked 120 only to recover almost all its losses later in the afternoon. And by the time all the shouting was over, it was down just 18 points. Just a perfect example of a market where the technicals count for nothing.
So in view of this, I am again going to skip the usual daily chart review. There's really no point to it since the market is now completely driven by the fiscal cliff. With the year about to end, it looks like we'll continue in the holding pattern I described last night - a slow drift lower until some sort of deal is announced, and then a pop higher. And if no deal is announced, we're going down. So basically once again it's simply Friday uncertain but the bias is lower.
Accuracy (daily calls):
October 8 5 8 0 .615 208
November 7 5 5 0 .583 135
December 6 3 3 5 .786 496
ES Fantasy Trader
Portfolio stats: the account remains at $193,500 after 74 trades (58 wins, 16 losses) starting from $100,000 on 1/1/12. I'm now declaring the ESFT closed for 2012, so these are our final numbers. We'll start over again with $100,000 on the first of the new year.