Looks like the S&P futures popped about 25 points on GLOBEX. That's $1250 per E-mini contract... a small trader holding short
a modest 10 contract position would be devastated by that move. Leverage is a double-edged sword and no protective stop
would have helped you there. (CORRECTION: as you can clearly see on the chart, price jumped around 15 points ($750 per contract), not
E-mini S&P futures (ES), 5-minute chart (all sessions)
Posted at 8:03 PM, EST
The local newspaper has a column called 'Ask the Fool.' Someone wrote in to ask 'What's a day-trader?' I was amused by the
"Day-traders are speculators who jump in and out of the market all day long, often holding stocks for only a few hours.
They tend to focus on (and make guesses about) short-term stock price movements, staring at graphs and stock tickers
all day long ... about 90 percent of day-traders 'are washed up within three months.'"
Posted at 12:28 PM, EST
No, I don't diagram sentences in my spare time, but this grammar quiz is too easy.
Posted at 9:17 AM, EST
It will be interesting to see how the markets react this evening (GLOBEX opens at 6:30 PM) to the news
of Saddam's capture.
Posted at 9:00 AM, EST
Here's another of my classic overlay charts, showing CTRP's action last Friday. The colored candlesticks
are 15 minute and the thick gray candlesticks are 30 minute. You can better see key levels, the importance of the
opening range, and how price contracts and expands. Studying it should help you improve your
Posted at 8:37 AM, EST
The Dollar Index continues to trend lower in a fairly orderly fashion. ;-)
US Dollar Index, Weekly Chart
Posted at 8:33 AM, EST
It looks like Crude Oil is breaking out of a long consolidation and may move above $38 at some point.
Crude Oil futures (CL), Daily Chart
Posted at 8:18 AM, EST
From the Hemingway short story, The Undefeated:
"His instincts and his knowledge worked automatically, and his brain worked slowly and in words. He knew all about bulls.
He did not have to think about them. He just did the right thing. His eyes noted things and his body performed the necessary
measures without thought. If he thought about it, he would be gone."
Posted at 8:00 AM, EST
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