Collective Intelligence! Today started with 167k ESZ and 660 SPZ traded on Globex, trading range was 1693.25 – 1686.50. Wednesday’s regular trading hours (RTH’s), SPZ pit session trading range was 1695.00 – 1685.00 before settling at 1685.80, down 6.7 handles. In Asia, 6 of 11 markets closed higher: Shanghai Comp. -1.94%, Hang Seng -0.36%, Nikkei +1.22%. Europe moved up slightly since 6am, 7 out of 11 markets quoted were trading higher: DAX -0.11%, FTSE +0.05% (was down -0.15%).
Roger_Volz (05:45) cable on UK gdp miss/ Italian political jitters-retail sales miss pulls MIB/ Shcomp -1.9% / Oct 4 date for Silvio / Lacker yap on growth/exit starts / UK GDP inline revision lower / NQ 3226-3195 resolution / ES 1693-1683 / CL footing against 102.14 / GC chewing resist from higher low / J.C. Penney shares plunge premarket as Citi says floor is just $1…great support at $0 / 3207.75 was good ledge on dip in NQ / was hoping dip 1686.25-1685.50 ES no go / claims still viewed as skewed on computer glitches / Brazil’s jobless rate falls to 5.3% in August from 5.6% in previous month (RT poll was 5.6%) – IBGE / lnkd tgt upped 280v250; FB; TSLA; AAPL early. Jobless claims better than expected (305K vs 325K) and BLS says no issues from computer system upgrades. US GDP Annualized (Q2 T) Q/Q 2.5% vs. Exp. 2.6% (Prev. 2.5%).
william_blount (09/25/2013 – 16:01) AND if we get the 68% outcome tomorrow with a last hr LOW rather than a 32% outcome making FRIDAY a.m. to last hour low NORMAL. william_blount (09/25/2013 – 16:02:40): BULLS BETTER DAMN WELL PERFORM TOMORROW or ELSE and 79% SPIL UP IN MOTION.
Today’s December S&P 500 (SPZ) pit session gapped open 4 handles higher to 1689.50 -1690.00 once again marking a high or low in the opening range. Today, it marked the low before trending higher – printing 1697.30 at 9:10 and reversing to 1686.70 by 1:04. Yes, that is roughly 10 handles from the intraday high… http://mrtopstep.com/trading-101/ Also, in the premarket the jobless claims were pretty strong, but that should not influence any tapering even as the four-week moving average dropped to lowest level (308K) since June 2007. Most chatter is consistent with taper no sooner than the December meeting. And most think a government shutdown will be avoided, but the budget ceiling showdown is going to be a doozy! If you concede one…you most certainly want to get the edge next time!
Today’s update: william_blount (09:16) OK GUYS – this is what WE ARE DOING AND WHAT YOU HAVE — POSSIBLE – inversion low yesterday flipping the lean to s1H and a.m. high as opposed to just a spill high — in terms of price we have a 1693 SLICE AND DICE and normally recovered same day — the 1697 SPOT has rejected price and may have fixed the a.m. high — REMEMBER TODAY IS INVERSION PERVERSION DAY, toughest day in the series.
John_S (09:20) Observe “ADAPT” or Die! Adapt is being in a room that is able to show the way for current day trading methods…Algos are here to stay… You need to ADAPT… MrTopStep is one of the Rooms that keep up on the Evolution….
Jim_M (09:31) buy program on high ending first one 2 sell programs followed that snap up of the 4 even another buy program small ended just got another sell program may go into up/down algo. Jim_M (09:32) TF lost momentum for now – have a slight aggressive short on the 1695.50 – won’t defend it. Roger_S (09:33) Good point, Jim on TF. 50% retrace of the opening rally.
Kathy (09:33) I am short 1/4 size in ES at 1695, tgts 1 pt, 92.5 & runner, willing to add at 97
william_blount (09:39) bulls still aint done JACK CRAP till they recover the last unrecovered same day SPOT which was recovered at 1702.5 to the weekly PIVOT at 1704.7.
iceChat (09:47) big sell program
Roger_Volz (09:55) Boehner: Debt ceiling won’t be lifted without spending cut.
By 1:39 the SPZ extended the daily low printing 1686.00 before finding some footing. The early look on the closing imbalance showed (14:19) MiM – MrTopStep Imbalance Meter showing 85%, a small $338M to the sell side with only 365M traded on the NYSE. The cash close traded 1692 area before settling at 1692.50, up 6.7 handles.
Dallas Home Prices Now 4% Over the 2006 Boom – Dallas and Denver are now the two American cities where home prices have reached and surpassed the levels in the 2006-2007 boom. And price increases are expected to continue into 2014. Most Americans (55%) think home prices will go up over the next 12 months, according to a new Bankrate.com report. “It seems like Americans’ love affair with real estate has returned,” said Greg McBride, CFA, Bankrate.com’s senior financial analyst. There is concern on the part of some prospective home buyers that prices may be running away from them, said McBride. “The housing market is aiding the economic recovery,” he said.
House Republicans Ready to Retreat, Easing Shutdown Fears – Conservatives appear poised to support Boehner’s strategy of using the debt ceiling, not the CR, to fight Obamacare. In a shift that could spare John Boehner a damaging uprising from his majority’s right wing, conservatives have begun to acknowledge their lack of leverage in the funding debate and are now coalescing around the House speaker’s preferred strategy of forcing the White House to accept health-law changes by holding the debt ceiling hostage. http://bit.ly/14JiXtZ
An Obamacare concession the GOP could actually get — A casual listener to Sen. Ted Cruz’s kinda-buster would think this a major goal of the Republican Party. He’s returned again and again to the effect it might have on businesses with more than 50 workers that don’t offer affordable health insurance. That’s a pretty small number of businesses, but the effects there will be real: Some will offer health insurance, but others will cut back on their workers’ hours so they don’t qualify as “full time,” and still others will fire workers to get under the 50-employee threshold. http://wapo.st/16t4hCQ
MrTopStep webinar last Saturday – An inside look at our “Collective Intelligence” featuring Jack Broz, Kathy Garber and Frank Ochoa – was very well received! A big shoutout to the MrTopStep “Collective Intelligence” group, as well as to those that were able to attend. We thank all of you for your time and efforts and hope to see you in the Boot Camp!