Actionable ideas for the busy trader delivered daily right up front
- Friday way lower.
- ES pivot 2100.67. Holding below is bearish.
- Next week bias lower technically.
- Monthly outlook: bias lower.
- YM futures trader: no trade tonight.
Recap
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| ES, daily |
The technicals
Market index futures: Tonight, all three futures are lower at 1:41 AM EDT with ES down a mind-boggling 4.90%. I had to stare at that number for a while to be sure I was reading it right. At first I thought it was 1.90% (which would be bad enough). When I saw 4.90%, I was stunned. And the only reason they weren't lower is because they hit the 5% trading circuit breaker. Holy moly. And the volume's been crazy all night long. At 2 AM, there's usually only a smattering of cintracts crossing the tape. Right now it's in the thousands. Amazing.
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| Euro, daily |
Euro: The euro is off almost as much as ES right now, but has now crashed through its 200 day MA - never a good sign.
Accuracy:
Month right wrong no call conditional batting Dow
average points
January 9 5 5 0 0.643 1433
February 9 3 5 3 0.800 1133
March 8 6 6 1 0.600 222
April 6 4 8 2 0.667 416
May 9 3 4 4 0.813 756
June 4 5 6 1 0.500 -37
And the winner is...
Well my job is real simple tonight: Friday lower. Lots lower. It will be very interesting to see how this plays out. Me, I'm going to hit "Publish" and then I'm heading for my fallout shelter. That's all she wrote, hooh boy. See you all again Sunday night, if the stock market is still around then.
YM Futures Trader
No trade tonight.
Posts
What a thrill to witness all this! And it's not the end yet. Thank you for making an attempt to analyze all this craziness. I can't even think any more, astonished by the magnitude of the fallout. Fortunately, I had 3 short positions in the S&P's, but God knows if I will still be a winner by day's end given the volatility. Good luck to you and fellow traders.
ReplyDeleteCrazy stuff indeed. It's Bremageddon! Actually, when I checked in this morning, the damage wasn't nearly as bad as it looked like it might be at 2 AM Friday. My trading account was actually up, thanks to a core position in MO and a bunch of REIT's. Sure looks like a lot of people were caught with their shorts down, literally.
DeleteI think that this will eventually all sort out, once people wake up Monday morning and find that the earth is still rotating about its axis and the sun is still rising in the east.
Doesn't look quite so good for the bureaucrats in Brussels though. I think this is the beginning of the end for the EU. Happy trading - I'm sitting this one out.