Day Trading the E-mini Futures

[TheNegotiator 13]

How about a fresh low, please.

 

I think the issue was MM, that the NQ was just not having it!

[MightyMouse 12]

I think the issue was MM, that the NQ was just not having it!

 

I attribute it to the perception by the market of too much demand. The market "knew" that traders would not be afraid to bid up prices.

[TheNegotiator 13]

Big selling overnight from 33.25 (just below key 33.75) all the way to a low of 1411.00 (which at this point is a poor low). Some headline earnings beats after close yesterday and a mixed 3/6 month spanish t-bill auction already today and Moody's downgrades of Spanish regions. Talks underway right now to finalise 13.5bl of greek austerity. Richmond fed and Eurozone consumer confidence at 10am ET. Greenspan speaking at 12pm (?). Also 35bl US 2yr auction due at 1pm (i think?). Anyway, my view is if we hold below low vol 1417.75, yesterday's low (1416.75) and high vol 15.50, we could test 9's then below the the obligatory 00's and imo the probable magnet at 1396.50 area which was prior balance vpoc and the naked vpoc and close from where the last move up originated from. Above and we have some fairly obvious recent levels with some minor ones in between. Good luck and pick your spots!

 

[TheNegotiator 13]

Looks like an open auction out of range. Watch out if it starts breaking one way or the other...

[TheNegotiator 13]

New home sales and House price index at 10am. Then crude inventories at 10:30am. Lots of earnings out already and due after close. The important thing today is the FOMC at 2:15pm. Draghi is in Berlin talking to lawmakers. Greeks have agreed more austerity in exchange for more aid. And there's a 35bl US 5-yr auction due at 1pm.

 

My view from yesterday is we had a pretty balanced day overall. The low looks more secure than the high and given where we are right now, that idea looks like it'll be tested sooner rather than later. Still time to sell off before open though and news can change everything in an instant...

 

Overnight high currently sits just one tick above yesterday's rth high at 14.75.

 

Here's a chart:-

 

[bakrob99 11]

Not so fast about the Greeks

 

Germany Officially Rejects Latest Greek Lie | ZeroHedge

[TheNegotiator 13]

I get the feeling that this could be a whippy news day. Who knows though, could also be that the market settles down in wait for FOMC. But to quote Mr Trichet, "we shall remain vigilant".

[TheNegotiator 13]

Also,

 

Spanish region of Andalusia requesting aid from Govt- more pressure on Spain to request bailout.

 

FB rallying pre-market + Boeing and Lockheed Martin decent beats.

 

Euro PMI and German IFO missed earlier.

 

ECB Draghi said - falling prices biggest risk to price stability.

 

ECB Nowotny said no need to move interest rates soon.

 

Looks like it's confirmed that Greece have an extra two years to meet budget targets....

[bakrob99 11]

I "think" we're due for a bounce. But I try not to think too much when trading. Just execute. Think later.

[TheNegotiator 13]

I "think" we're due for a bounce. But I try not to think too much when trading. Just execute. Think later.

 

(and most importantly - think beforehand too)

[robster970 10]

There has been no retracement of note back to the low that formed the bracketed area around 16.75. Maybe quite a few longs trapped on this side.

[TheNegotiator 13]

There has been no retracement of note back to the low that formed the bracketed area around 16.75. Maybe quite a few longs trapped on this side.

 

Possibly. If this is the case what would you expect to happen around this area?

[robster970 10]

Possibly. If this is the case what would you expect to happen around this area?

 

Longs covering, creating sell market orders, sell off back down to 14.50, 9.00 or possibly 7.00

 

Be interesting to see if anybody wants to trade above 17.50 today........

Edited October 24, 2012 by robster970

[TheNegotiator 13]

Longs covering, creating sell market orders, sell off back down to 14.50, 9.00 or possibly 7.00

 

Be interesting to see if anybody wants to trade about 17.50 today........

 

Potentially if it can't get through.

 

Btw, apparently Germans still denying that Greece 2 yr extension has been completed...

[TheNegotiator 13]

Question :- Does this so far look like responsive selling at yesterday's highs?

[TheNegotiator 13]

Also, remember we have that housing data in under 10 mins.

[TheNegotiator 13]

Chop chop and chop some more. Ergh.:missy:

[bakrob99 11]

FOMC chop.... even though what is going to be in the report that we don't already know.

 

Lemme guess. no change

[robster970 10]

Lemme guess. no change

 

How do you know :haha::haha::haha:

 

[bakrob99 11]

Waking up beside that would be a little scary.

[TheNegotiator 13]

Waking up beside that would be a little scary.

 

on the other hand, it could give you great insights into the markets for the day

[robster970 10]

on the other hand, it could give you great insights into the markets for the day

 

That's a hell of a price to pay........

[TheNegotiator 13]

Not necessarily going to be something which continues, but it is worth noting at least that in spite of the lack of directional conviction in the ES it has actually been one-timeframing all session thus far...

[robster970 10]

Not necessarily going to be something which continues, but it is worth noting at least that in spite of the lack of directional conviction in the ES it has actually been one-timeframing all session thus far...

 

Yup. Buyers have yet to show up - I think they are loitering below 06.

[bakrob99 11]

Yup. Buyers have yet to show up - I think they are loitering below 06.

 

They were just waiting for a gap fill ... and once the ES filled the NQ took off. I was walking the dog at the time trying to avoid taking a trade in advance of the FOMC ... But I could see a substantial rally out of this hole. ES 1416.75 would be reasonable target. You have to think that large money players would be staying out before the FOMC ... but on the other hand, if they think it's all old news, why not get in a better prices now?