ECB Lowers Rates, Jobless Claims Up, Market-To-Market In Play

April 2nd, 2009

Good Morning! Today is going to be one of those crazy, volatile, interesting, etc. type of days given all the Mark-To-Market news. Jobless claims should help to subside some movement as they were up about 12,000. Clearly, employers are not hiring which is an underlying bad factor for the economy. Still, as you probably have seen the futures are up very big overnight and are sitting right at the highs of last week – or about 830 on the ES S&P Mini’s. As I said in the video last night, if we break above the gap then we are headed higher short term.

 

As such, I am moving the portfolio around this morning – as only members know – at the open to re-position us for the next move in the markets. In general, we are closing out a bunch of our shorts at very good – not great – profits. EOG is just one example where we are making 12% since we shorted it just over $65 – the complete trade is in green. Even though I would have liked to make more than 20% on this type of trade, 12% is better than what other people would make all year.

 

eog

 

Below are the S&P intra-day targets, I am pretty confident that as we get into the 844-850 level we are going to see major – again MAJOR – resistance which we need to fight through. As a side note: I see a lot of people who are running around crazy today and I don’t get it? Surprisingly, I have extremely happy to be closing out these shorts today, make some more money, and wait for higher short levels later on. They will come and when they do, we are going to jump back in.

 

spx2

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