Trading thoughts, ideas, tips, musings, and pontifications. . .not necessarily in that order.
Just another Manic Monday! After a gap up opening, the indexes took the rest of the day to take out last week’s lows and making a new December low. And although they bounced near the close, especially the NQ, the indexes closed closer to their low of day than to their HOD.
Looking bearish, but maybe a “Turnaround Tuesday” in the making…. if volume picks up. Everybody on holiday already?
It was a week for the rating agencies to continue to toy with the market. Using such harsh language as “may” and “probably”, the agencies talked about downgrading the eurozone and banks….again. I think that should be illegal. Either do it or don’t talk about it.
Anyways….it’s the week before Christmas, so parties, long lunches and taking off early will be the rule for this week…and next.
After the S&P takes a 47 point dive the first 3 days of the week, today was a mild 6 point recovery. Oh my! Actually today was a very boring market day. A very nice pop up gap open, but down from there ending up, but midway back from the open….and all on very low volume.
Friday better show some action. December’s quadruple witching options expiration has been up 21 of the last 29 years with an average 0.4% gain. And isn’t it about time for Santa Claus to show up?
I’d have to say the markets had a bad day! It looked very promising with the major indexes up by more than 1%. But traders sure didn’t like the FOMC announcement at 2:15PM. Indexes deteriorated as an initial reaction and continued down. There was a small pop going into the close, but basically a bad day.
So tomorrow we’ll be halfway thru this Opex week. With December OpEx week being up 22 of the last 27 years, there’s a lot of points to make up.
Those damn rating agencies screwed with the markets again. So it was a down day…no particular reason…just no economic reports and plenty of agency innuendoes. I sat and watched, looking for a good entry, either long or short, but came up with nothing. What a boring day! Thirteen more trading days of this and we can start a new year!
Ok, so all OpEx weeks are crazy, but now we add in a FOMC meeting! This should get real wild, no?
According to the Stock Trader’s Almanac, December OpEx week, S&P up 22 of the last 27 years. Looking good.
Although US economic news was good, the Eurozone prevailed. Funny how that works. They have no control over their finances, but they have control over Wall St. WTF!!?
It was rollover day for the index futures so I only traded my simulated account…and boy did I do well! Of course, when there is no chance of losing money, it’s very easy to trade!
Yes, it’s time again to rollover those futures contracts. The Equity Indices: TF, ES, NQ, EMD and YM roll on Thursday at the open from the December 2011 contract to the March 2012 contract. The month code for March is ‘H’. So tomorrow and Friday will be a little rocky as traders move their positions. You can trade the ‘Z’ contracts through next Thursday, but by the end of the day tomorrow, the volume will move to the ‘H’ contract.
Today was a crappy day until the end when indexes moved up to their high of day. Seems like the bulls want to be Santa Claus!
After a trend up morning for the indexes, Standard and Poors decided to throw a wet blanket on the markets by insinuating that it was going to downgrade Europe. Gee, there must be problems in euro-land. Whu da thunk it!
Asian markets are opening to the downside and European markets for sure will be facing a down day on Tuesday.
Looks a lot like the NFP report numbers were already baked in to the market. A nice gap up in the morning, but it dwindled all day. I think people were happy that the unemplument rate had dropped to 8.6%, but they then figured it wasn’t because employment was up, but because discouraged workers were leaving the work force. All those workers who have run out of unemployment compensation were now no longer “unemployed.” WTF!
Oh well…a pretty slow market today for it being an NFP day. Volume was down as was the volatility. Have a great weekend everybody 
| INDU | 0.00 | |||||||
| NASDAQ | 2904.08 | |||||||
| S&P 500 | 1347.05 | |||||||
| ^RUT | 827.37 | |||||||
| QID | 36.25 | |||||||
| QQQ | 62.13 | |||||||
| QLD | 100.66 | |||||||
| TZA | 18.581 | |||||||
| SSO | 53.30 | |||||||
| SDS | 16.70 | |||||||
| BGZ | 23.36 | |||||||
| BGU | 75.96 | |||||||
Sometimes, entranced by the screens, watching equities, options and futures change colors, charts moving in a wave, and indicators pointing in every direction, I just have to scream....
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