In this morning's guesstimate I said that the e-minis were a short at 1547. So far that level has not been reached today. As a rule I don't initiate positions after regular trading hours and since this trade would be against the direction of a multi-week uptrend I am canceling my sell order now.
I am inclined to give this trade one last chance tomorrow but Fed announcement comes out tomorrow at 2:15 pm New York time. So I want to see how the market handles itself between now and tomorrow's open before I put any new orders in.
3 comments:
The Fed Funds Futures imply a 70% chance of a .25 rate cut, and a 10% chance of .50 rate cut.
I suspect The Fed will cut by .25, and precipitate a weak rally. If the statement is to Hawkish on inflation, a small pull back could result.
No rate cut, and look out below.
hi Carl,
great analysis on the s&p trade. keep up the great work. wanted to ask you whether you think there is any possibility that we would still go down and retest last weeks lows on s&p at 1490 and possibly break it and go lower?
any thoughts?
thanks
Peter
Carl,
I really appreciate your focus on providing insight into how you set up and take trades. Great stuff. Keep up the great work.
Sam
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