Now the YukTrader is fine...no bodily injury, no worse case scenario...he's just fine...the only problem was he was offered a job...damn salary, benefits and possible, just maybe, future equity participation...regardless for the time being we won't be trading "live"...which at the end of the day just sucks ...I don't really know what's next, but check back for some trades...we're not dead here...we're hibernating...just a bit...jfg
Just can't get anything right these last few weeks...bulls show up again to buy the early afternoon dip and take out my readjusted stop for a -2.5 on this last trade and -.5 for the day...I just can't seem to be patient enough to wait and play the outer edges of these tighter ranges...the entry on this mornings trade was adequate but my less than bullish bias is inhibiting the making of money and that should never be the case...regardless the internals seem to be of no help as the buyers just show up again and again...one day we will return to a smoother flow of trade but not today...jfg.
Internals getting a little shakier here as A/D now 1211-1773 and up/downs about even...some -800 tick readings in the last hour...trin still mild @ .80...if things worsen here look for a typical Tuesday of expiration week pounding...jfg.
So flipped to the short side too early as bias for rally into 1850 proved to be correct...A/D's still negative but up/downs positive...so far my 5 point stop off the 1847.75 short was missed by a tick as NQ's only manage 1852.50...so I am expecting to be stopped out again as the market rarely let's you slip away so close to the edge...but we'll see...maybe it's my day today...jfg.
So the buyers show up here just above my stop of 1841.75, printing a low of 1842.75...internals are shaky for the first time in a long while...so I want to take profits on a spike into 1850 and look for a spot to reverse and take them short...A/D on the Naz is 1091-1615 and the up/downs are negative...so itchy trigger finger here as we tick 1847...jfg.
CPI and housing numbers "better than expected" and futures reverse higher...1860 completes the roundabout from the 100 point debacle that was Feb. 27th...so we figure to tag that area...early weakness into 1845-1848 should probably be bought for trip up to that number...early strength into 1860-1862 should be sold...jfg.
Is that red I see on the screen? Is it possible? Markets a little nervous pre CPI numbers with the $5 Dow -12, S&P's -3.5 and the Naz -4.75. Dollar taking a beating vs. the British Pound breaking the $2 handle and gold taking it's time ready to bust through the $700 handle...have to think that might happen right here should the CPI roll the right way...
It's been tough trading as of late with tighter ranges coupled with one directional moves...I expect that to end in the next session or two as we enter the twilight-zonish period here at the end of April which has been the time of some curious volatility going back many years...careful where you park your capital as it may not be there when you return...back after the eco numbers with some ideas...lite posting today as my bias has been way off and a great March has led to utter futility these past weeks with the YukTraderTeam only positive 2.5 points through this slog of April...jfg.
Things have quieted down substantially from the morning fireworks perhaps in regard to the tragedy at Virginia Tech or just lack of vigor on the part of the bulls...it seems we may be rolling over here as what I would assume is the high of the day was printed before lunch and not after as can usually be the case...I'm thinking that could be the high for quite a while but we've certainly thought that before and have been proven wrong...the action at that point seemed very toppy...anyway, internals continue bullish...if they can turn things around here and break through that 1850.50 number then I want to back off for the next few days as expiration week could get carried away to the upside as pressures could throw a wrench in the free flow of trade...jfg.
So stop taken at the 1845 level for -3.75 points and the slow grind that today has become...next level I'm looking for is 1853...so we'll see if they cam bust then up into there after lunch...presently ticking 1847.75...so my next move will be taking another shot at the short side about six points up from here with a firm stop around 1857...we'll see...the way things have been going of late that level won't be offered before the market turns tail.
jfg.
Still underwater here as markets remain strong...NQ's manage to tick 1844.50...so possible double top in place here but as the day wears on the gap fill trade may be thinning out as traders don't want to stand in front of possible fright train...new highs bring 1855 into view...so if stopped out here, I'd shy away from the short side...jfg.
So high printed @ 1844.75 so far...tick readings muted on new highs...so we'll continue to eye that 1845 level...internals strong...watching to see those numbers pull back for confirmation that we are on the right side of things...S&P worryingly
strong...jfg
Want to play the same tune here and most likely get aggressive off the open picking a spot and selling them...more on feel then an exact pivot as we haven't been up in this area in quite a while so the natural push-pull as traders balance out positions won't be there...so a taste of the downside here as a date with 1800 should be in the picture before we move higher if that turns out to be the case...let's try and hold out here for a larger range as selling should beget more selling...I don't expect the "dip buyers" to do their thing on a gap up Monday into resistance...without exact pivots to work with...stops and risk management invariably become more problematic...I would use profit ratio's as a guide...looking for that elusive 20-25 point move? How much are you willing to risk for that? See you in the pool...jfg.
Good morning everyone and welcome back from the weekend. Expiration week upon us and it should be one hell of a week...lots of economic numbers in the offing with the Empire State Mfg. Survey and more retail sales and inventory numbers to follow and that's just today. Futures green everywhere to be seen...$5 Dow up 37, S&P's +5 and the Naz +6.75...European exchanges all higher with the dollar on the losing end of things again except against the Yen...The Nikkei puts in another strong day up 264 points and it seems the bullish case knows no bounds...Gold ticking $692 and the $700 level seems a given here...should see some fireworks in that market...the giddiness is apparent and we have to wonder if old Mr. Market has a little punishment in the works...jfg.
