Futures Lower, Let’s Be On Our Toes

March 27th, 2009

Good Morning! If you didn’t get a chance to watch last night’s Trading Video I suggest you do that first thing this morning. I went over GOLD, OIL, S&P, and the EUR/USD – which has moved exactly as I said it would – in depth with some very important stuff regarding some up-coming trades. As for the markets, the futures are down modestly this morning – about 1% as of this writing. They are by no means in crash area but still we should start to see the nice pull back I have been expecting. As many of you know I have a SPY put position that I might be looking to close out today if we get a good intra-day sell off. Though I may hold out until we see a correction down to 775 on the S&P.

 

It’s been a wild week. Lots of gaps and tons of intraday movement and volatility surely knocked the beginning traders out of the market with frustration. This day trader’s paradise is somewhat frustrating for swing traders like us, but if you have the ability to get in and ignore the intraday noise, you can make even more money with less commissions. And without the stress of staring at a screen all day. Below is the updated S&P support and resistance levels. My short term – next couple of days – is 770.

 

spx1

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