Opposite Day
9:00 Review of charts and news of the day. Big news will be the US Challenger layoffs which will be a play for bonds and the eurodollar. The EIA report is going to have a big impact on the indices. The market seems to be flat before the open so I turned on a scalping autotrader program for the indices which I will turn off if the market makes a significant movement upon open.
The Challenger layoffs were up almost 25%, showing a slowing economy. I went long on the bonds (prices) and not only did the bonds not go up they went rather significantly down. After a $4,656 loss in the 30 I stopped out and re-evaluated my position.
Amazing numbers came out with the EIA report today. We had crude supplies coming out of our ears. I expected a HUGE rally in the indices, so I went long. Amazingly the Dow had a small miniscule rally and the S&P actually went down. Rick Santelli says this might affect bonds so I am going long on down ticks in the bonds hopeing to make some of the earlier move back. So far nothing has reacted to news the way I expected.
After a $10,000 loss I stopped out and quit for the day. Mistakes I made today: over reliance on news. Turns out the reason that the indices did not react to the EIA numbers was because cold weather reports were keeping natural gas prices higher which was keeping oil and gas prices from falling. As far as the challenger layoffs and the bonds, I still don't know why they didn't react.
The Challenger layoffs were up almost 25%, showing a slowing economy. I went long on the bonds (prices) and not only did the bonds not go up they went rather significantly down. After a $4,656 loss in the 30 I stopped out and re-evaluated my position.
Amazing numbers came out with the EIA report today. We had crude supplies coming out of our ears. I expected a HUGE rally in the indices, so I went long. Amazingly the Dow had a small miniscule rally and the S&P actually went down. Rick Santelli says this might affect bonds so I am going long on down ticks in the bonds hopeing to make some of the earlier move back. So far nothing has reacted to news the way I expected.
After a $10,000 loss I stopped out and quit for the day. Mistakes I made today: over reliance on news. Turns out the reason that the indices did not react to the EIA numbers was because cold weather reports were keeping natural gas prices higher which was keeping oil and gas prices from falling. As far as the challenger layoffs and the bonds, I still don't know why they didn't react.
posted by Shiptastic at 10:16 AM
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