Which way do we go?

Over the last 10 days, 4 have been up and 6 down and the net change has been small, about 33 points in the S&P, or about 2%. We closed below a so-called support area of 1340 and another 2% will get us close to 1300. Futures are moving to the downside Sunday evening, along with early Asian markets.

Sure it’s long way to Monday morning, but the biggest moves in futures have been during the overnight lately, so I keep tabs on that, but it doesn’t always predict what will happen in the morning. I do like to trade the Globex because it’s slower than the US cash hours and I can practice futures trading with less emotion!

My TBT and XLF positions may be stopping out soon if interest rates and the banks don’t start moving up soon. Options expiration week should stir things up pretty good. We also have a lot of housing data this week along with FOMC meeting minutes. Volatility is always good for traders and am looking forward to it. Happy trading!

“I hear that you dropped some money on Wall Street. Were you a bull or a bear?”
“Neither, just a plain simple ass.”