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SHORT TERM: market opens higher then closes mixed, DOW -45
insert.a.chart.DOW
Overnight the Asian markets were mixed, and Europe closed mixed as well. US index futures rallied this morning after FED charirman Bernanke's speech to the Atlanta FED: http://www.federalreserve.gov/newsevents/speech/bernanke20080513.htm. Then at 8:30 retail sales were reported better than expected, but still down 0.2% with no adjustment for inflation. At the open the market was higher, hitting SPX 1406 in the opening minutes, but immediately started to pullback. At 10:00 Oppenheimer's Whitney updated her forecast for the financials: http://www.marketwatch.com/News/Story/Story.aspx?guid={B5164030-608D-4AF8-89DB-98D18F142DDD}&siteid=nbs. The market continued to move lower until about 11:00, when it hit the low for the day at 1396. After that the market slowly recovered and actually made a slightly higher print high at 3:00 before easing back into the close. A non-eventful day. Tomorrow at 8:30 the April CPI will be released, and then a speech from FED governor Kroszner at 8:45. At the close the SPX/DOW were -0.20%, and the NDX/NAZ were +0.20%. Bonds lost nearly one point, Crude hit new highs +$1.50, Gold lost $18.00, and the Euro was lower. Support for the SPX remains at 1383 and then 1364, with resistance at 1410 and then 1438. Short term momentum is nearing an overbought condition, while the near term indicators continue to edge higher.
Please note
that charts and commentary provided by the moderator are for educational
purposes only. Any trades placed upon reliance on the moderator’s
charts or information is taken at your own risk for your own account.
Past performance is no guarantee of future results. While there is great
potential for reward trading stocks, futures and options, there is also
substantial risk of loss and you must decide your own suitability to trade.
Future trading results can never be guaranteed. This is not an offer to
buy or sell stock, futures, options or commodity interests.
Most trading
systems are based on historical formulas which have worked in the past.
However, what has happened before may or may not happen again. You can
lose all your money trading stocks, futures, and options and you must
decide your own suitability as to whether or not to trade. Only trade
with true risk capital you can afford to lose. Only trade markets you
can properly afford to trade. Properly funded trading accounts typically
perform better than those that are not. Never risk more than 2-3% of your
account on any one trade. Always define your risk before entering a trade
and place a stop to limit your risk.
There are
no guarantees or certainties in trading. Trading involves hard work, risk,
discipline and the ability to follow rules and trade through any tough
periods during a system’s draw downs. If you are looking for a guarantee,
trading is probably not for you. Most people lose money trading. One of
the reasons is that they lack discipline and are unable to be consistent.
A system can help you become consistent. Ironically, worrying about the
monetary aspect of trading can contribute to and cause a trader to make
trading errors. Therefore, it is important to only trade with true risk
capital.
