Emini Trading 5/5/2011 Market Update
Weekly Claims came in higher than expected to an adjusted number of 474K – the highest since August! You can read the full report on CNBC.com or simply click here. Remember that tomorrow’s payroll numbers are very important and all eyes will be glued to CNBC tomorrow at 8:30 AM Eastern. Silver is beginning to decline and US Dollar is weaker today because of unemployment claims. We’ll see what tomorrow’s non farm numbers have to say.
Of course every rose has its thorn. The weak dollar is fueling more volume into the mini S&P market and Tick Traders are definitely benefiting! I started the day with a losing Pullback Trade, down a 1 ½ on the day. I went long on our Normal System Entry trade, and jumped out with 5 ticks. Our Long Term Filter had gone long just as I had jumped out and I missed another 5 or 6 ticks of profit. Fortunately a lot of my student base caught an extra point or so.
I quickly grabbed 2 more emini trades, both for 1 point each. I finished the day about 9:55 AM Eastern with 6 ticks profit, after commissions. Not a bad day!
I’ll be off tomorrow so not sure if I’ll blog or not….
Enjoy the rest of the day!
Cheers!
David
ETS
