Emini Trading Results 10/7/2010
We had our 4th “one and done” day this week! Pretty awesome trading week! 4 trades, all winners, and a 3 ½ hour work week! A 10 lot day trader would be up $2000 before commissions already. Of course tomorrow is Non Farm Payroll and the beginning of a long holiday weekend so you will see a lot of traders taking the day off (myself included). We do expect a spike after Non Farm, but I would suspect the volume in the market will significantly drop quickly after the opening bell.
Of course low volume is not necessarily a bad thing. Low volume powers a lot of big market moves. Look at the rally we’ve seen over the past several months – all based on low volume. Same thing with day trading! Of course we prefer more volume as its easier to get filled on your orders. In any event I am always a bit cautious on a Friday before a long holiday weekend, add in Non Farm Payroll numbers and I just assume relax!
Markets are pretty flat today, although the emini S&P did open up and drop a few points for the most part its low volume and very little movement The Dow is off about 15 points and I would take a wild guess and say that must traders are waiting for tomorrows payroll numbers. We have had a great rally but notice we are starting to see resistance around the Dow 11000 level as well as the 1160 level on the S&P 500 index.
Jobless claims are down to the lowest levels in 3 months – read more about that here: interesting read. We’ll see what payroll numbers are tomorrow as that will surely fuel the market next week as we get ready to get into the heart of Q3 earnings season.
Well enough for today – enjoy today’s video where I illustrate our trades as well as discuss intraday day trading using our long term filter!
Cheers!
ETS
A great Normal System Entry trade coming out of No Zone – a higher probability trade – and several winning NSE trades.
