I had 2 trades in the Russell…basically 2 swings…$500, [for] the beer for you during my next visit!
^ always like to hear how my clients trade…we don’t even mention the Russell in any of my work – but good traders can still take info from my room to help their trades. (and let me set the record straight: I’m all for a couple cold beers – but not $500 worth. MAYBE $400…)
snow every day now, and its a real muddy pot-holey place here – cant wait till it gets and stays below 20 deg
^ I don’t think anyone else in the US has muttered those words…
good call on that bond block trade. i followed you.
^ we felt the loss on our bond/note sells (21 bond/09 10s) was due to a block. so we re-entered 22s in bonds and it dropped to 16)
That was a good call in identifying and seeing weakness in financials extremely early when it flew through 138-30 to even — then it was confirmed when 30 held on resistance… But very nice in seeing it early — Hopefully it help others either get short or minimizing a loss on a long… 9/4 8:15a.m. (mrkt went down to 09)
^ the last part of his comment is the key: trading isn’t just getting in winning trades; it’s being able to avoid/lessen the damage from bad trades.
Many of you know that I pop into two other trading rooms in the course of the trading week- the MTS room being one of them. I wasn’t able to participate as much this week because they’ve put the floor noise back on – and that means I can’t hear my alerts going off on my trading platforms – so I’ve needed to exit the room. My tech guru has been missing in action so I checked with the MTS techy and he’ll stop by the trading floor this week and see if he can adjust the room settings for me. Hopefully that will let me get back in there with all the MTS traders.
So how do we trade tonight/Monday? Since my Thursday video dealt with 5Yrs and SPs I’ll give you some thoughts on the SPs. My pivot is 2007 – which isn’t a crucial level. If we get trade up thru the highs (2011) look for 2016.75. It is possible 2016.75 provides enough resistance to send prices back lower – but I feel that’s a pretty aggressive fade. I prefer to look for 2026.75 and reverse there. Now, IF the bears do in fact HOLD 2016.75 it will bring some profit-taking. As for weakness however, that starts with a move below 1987.50. 1980.75 offers some support; I mention that not necessarily so you’ll fade there – but so you’ll tap the brakes on any shorts you have on.
I’ve meant to thank those of you who follow me on Twitter and re-tweet/comment on my posts…I’m not able to respond but I do want you to know that I do see your comments and appreciate you. Thank you. It makes it a little more fun for me to show a wider audience that we do a pretty good job navigating thru the bond, note, and SP markets.
Well, it’s supposed to be in the high 70s here in the Chicago area today (and tomorrow too so I’m taking the day off)…and that means I’ll listen to the Bear game on the radio while I tend to the grill. I’m not gonna wish for it to get below 20 here – but I do know the colder weather is coming and that’s when I’ll have to be inside watching the Bears go 10-6.