As it has been a good trading week, selling the ES near 1420 and holding for the 1383 range today, we got the job done and will look for a sell near 1400-07 again, or look to nibble on the long side for a swing trade @ 1360 down to 1340 which is the 50% retrace area from the 1253 to 1427 move we have had the last 6 weeks. The news vortex is full on now as there is nothing left to wait on news wise or econ wise today. Friday I’m in Love. Have a great weekend. Oil ticked 126.17 might be time for a break but it may run to 200 a barrel before Memorial Weekend first.
Paul Carrack did indeed sing with Mike and the Mechanics later in his career, but first he struck it big with Squeeze and TEMPTED. Now go play it loud and proud. You know you love it.!!
You all know it. This one was 1974 with his Band ACE. What was the other big song he sang as a guest singer? One of the best singer/songwriter groups of the 70’s and 80’s is your big hint. Send me your answers to misstrade@gmail.com, first response gets my 1984 cassette version of that song.
The market continues to be in grind mode. The retail numbers were mediocre at best this am and the consensus jobs number marginal. The volume is weak and we continue locked into the 1370 to 1430 range the past few weeks. Money on the sidelines, Maria keeps telling me, and Paisani confirms it. I have no idea what that means, but maybe it means retired people need higher interest rates and inflation is eating into their nest egg and stocks are down for the year and doing nothing for them. That’s about all I see. Until later, be careful out there, see if we can get down to the 50 dma @ 1355 next. The 200 dma acted as a shield for the market and has reversed for now.
Where are we going? The chop continues to go up, then down, then up. Its been a tough few weeks for this trader as the earnings drag on to a finish, with CSCO beating but sales were down. No idea what it all means, nor does the market as it continues to pause and really spin and go nowhere the past few weeks. The thin volume isn’t helping much, but we are getting lots of chatter about how “traders” are will to take on more risk to the upside. Personally I have no idea what that means, but that type of talk coupled with a low VIX continues to flash “warning, Will Robinson” signs for me. We shall see where we go today. 1414.5 as I type 40 minutes off the open.
We have been doing a local TV show here in Oregon and are beginning to post the 9 or 10 shows we have filmed onto our youtube and website. If you have any show topics you would like us to touch on in the future, please let us know. Send all suggestions to misstrade@gmail.com
Just look under the TV section of the main blog page to view any and all of the videos as we post them.
