Like the markets, MrTopStep is constantly evolving and today we are launching the “new” MrTopStep.com site. The site is built around one goal; to work with the best in the futures and options education arena.
Unlike many of our competitors we are not a broker, nor do we sell or use our customer email list. As you know, Brian and my background is on the trading floors of the CBOT and the CME. During our almost 35 years on the floor we have met literally thousands of people in our industry. From the very small one- and two-lot accounts to the mega hedge funds and banks that used to trade everyday, all day.
That is not how it works today. New regulations have made it impossible for the “old days” to ever return. The credit crisis changed everything. And the trading base is one third of what it was. In order to survive you have to work more hours for less pay.
MrTopStep has always been dedicated to bringing new talent to the forefront. We don’t want to go into Futures Expo and pull what the industry thinks is an authority. Why? The big know-it-alls don’t have the time to really sit down and help people learn to trade. Sure they have a class you can take and sure you’re going to get charged a ton of money for it.
What we believe in is meeting people who are dedicated to sharing their knowledge and working with honest people. If you question that then please consider that Brian and I do not take any money from MrTopStep. We put it all back in to further the cause.
There was a lot of hype and a lot of dishonesty leading up to the credit crisis. Our mission is to be an antidote to that poison. People work hard to earn their money and they deserve to be told the truth.
One of our best qualities is our ability to bounce back. After taking an $8 million hit on the flash crash we have turned it around. When I was in 8th grade I got in a fight with a senior in high school. He knocked me off my bike and by all rights beat me to a pulp while my friends stood by and watched.
Somehow I got up and ran. I was bruised and had a full-fledged black eye. We were at a big park in Crystal Lake, Illinois, after I got up I ran across the parking lot and with the guy throwing rocks at me, I ran across the highway. I lay down in a ditch on the side of the road and asked myself, what did I do to deserve this?
After 20 minutes I got up, dusted myself off and started walking back across the parking lot where 20 of the guys friends were sitting on wooden picnic tables yelling my name. From 50 yards away I could hear them howling “Here he comes, get him Undie, get ‘im!” As soon as I walked up, the guy tackled me and pummeled me again. His friends were yelling to let me up so he could pummel me again. I knew he was getting tired; he was breathing hard. So what’s he do? He let me up. What do I do? I got up and I knocked him out. I swear on my father’s grave. I have always been like that… you knock me down but I come right back.
The moral of this story is, good traders are a different sort. You can knock us down but but its hard to keep us down. We get up and work 10 times harder.
MrTopStep is for all our real friends who believe as we do. For you (including new friends we can’t wait to meet) I will always endeavor to persevere and remain dedicated to the cause. We’re here to help you get the honest education and information you need to succeed. And when it gets tough, we’ll have your back and remind you as we remind ourselves every day, to always get back up and dust ourselves off.
Look what the 3 week rally in the S&P futures has done to the VIX
The S&P futures have closed higher 11 out of the last 12 days and up 76.6 handles.
Monday, July 1 +7.4
Tuesday, July 2 +.50
Wednesday, July 3 +1.9
Friday, July 5 +18.2
Monday, July 8 +8.2
Tuesday, July 9 +10.1
Wednesday, July 10 +3.0
Thursday, July 11 + 21.5
Friday, July 12 +.20
Monday, July 15 +7.2
Tuesday, July 16 -6.3
Wednesday, July 17 + 4.4
Total + 76.3 handles
Our view: Asia closed mixed and Europe has 7 markets up and 5 down fractionally. Today we have the second round of Bernanke speaking, to the Senate banking committee. According to the Ned Davis S&P cash study for the July expiration, the Thursday before the expiration has been up 19 / down 10 of the last 29 occasions (good) but tomorrow has been up 13 / down 16 of the last 19 (not good). Additionally, according to the Trader’s Almanac the Dow has been down 13 of the last 17 occasions.
As of today the S&P futures have closed higher 11 out of the last 12 days and up 76.6 handles. As we pointed out yesterday in the MrTopStep Closing Print video, the S&P has been up a day, down a day so far this week. Our view is we still think higher prices, but we also think it may be hard to get the S&P up to 1700 this week. It has gone a long way in a short time and is in need of a little “back and fill.” Today we lean to the same call that we have used all week: to sell the early rally and buy weakness and wait for the MrTopStep closing imbalance meter later in the day.
As always, keep an eye on the 10-handle rule and please use stops when trading futures and options.
- It’s 8 a.m. and the ESU is trading 1677.00, up 1.5 handles; crude is down 15 cents at 106.33; and the euro is down 6 pips at 1.3109.
- In Asia, 6 out of 11 markets closed higher (Shanghai Comp -1.05%, Hang Seng -0.12%, Nikkei +1.32%).
- In Europe, 7 out of 12 markets are trading higher (DAX -0.05%, FTSE +0.34%).
- Today’s headline: “S&P Futures Seen Higher Ahead of Bernanke’s Testimony”
- Total volume: 1.4mil ESU and 6.4k SPU
- Economic calendar: Jobless claims, Philly Fed, leading indicators, nat gas numbers, Bernanke speaks to the Senate Banking Committee
- Fair value: S&P 1675.46 (+1.04); NASDAQ 3078.58 (-2.83)
MrTopStep Closing Print Video: http://www.youtube.com/watch?v=0gKWsMxuWfg