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At OEX Street, our philosophy is: "Trading the Market with an Objective Approach". OEX Street has published real-time OEX options trades on the internet since 1999; making us an internet pioneer in OEX trading. In 2003 we introduced day trading of eMini futures, both Russell and S&P. After nearly a decade of hands-on trading, OEX Street has dispelled the myth of impulsive trading through the use of a mechanical approach. OEX Street removes the influence of emotion and increases the success rate, resulting in an objective, researched signal.
Jan 6, 2008
- Another miserable day for the market...
Not only is there no catalyst to entice buying, there was negative news on the economy this morning. That's a recipe for disaster and that's exactly what we had today. Support from NDX 2,000 held as long as it could but there was no stopping the weakness. Nearly 4% loss on the NDX just today!
Indeed, the selling is getting a little overdone but that is the only reason for perhaps a rise in prices. There is no other reason and sometimes these exaggerated moves can last much longer than anyone's patience. It was a miserable end for 2007, and 2008 has started out the same. Recession fears have resurfaced, if they ever disappeared, and it is only going to get worse. Today's commentary was spot-on with what actually transpired. Each bounce in price was sold and you could have bought Puts literally at any price and made $$$ today.
There was no clear cut low-risk opportunity for a group trade so opted to let each trader make their own decisions based on my overall analysis. Congrats to those of you who indeed bought Puts and let the profits ride. It was an easy day to make money, just as it's been for several weeks now. The mechanical S&P system ran into a bit of trouble with the mid-morning volatility but that's to be expected from time to time. But the mechanical Russell eMini system had another great day and it started the year off with a bang.
Have a good weekend and see you Monday morning.View more trading logs here...
...thanks
for the trust you've shown in MrSwing.
by Jospeh FORD - http://oexstreet.com/ "Trading the Market With an Objective Approach"
p.s. Membership to oexstreet.com now includes auto trading access to our russell eMini system, NUTUS ER....
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Disclaimer: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.
