Markets consolidated on Friday after a week of sharp declines. On the SPY chart above, we have gap resistance above price and a retest of the August 9th lows just below. Headline risk related to tenuous global economic conditions and precarious financial conditions in Europe will continue to dominate.CME will be raising metal margin requirements by EOD tomorrow on gold (21%), silver (16%) and copper (18%). Expect more forced selling.
The good news is, we should get a robust relief rally when capitulation finally occurs!
5 comments:
Hi Jamie,
why dont you post your intraday setups and trades anymore? This provided always a great learning effect.
Thanks!
T
congrats for yours comments
Thanks for the feedback guys.
Timo,
I hear you. Main reason is I am mostly trading futures at this time. Lots of micro measured moves - too messy to post. Other reason is I'm tired.
Will try to post my POT trade tonight.
Cheers!
Hi Jamie,
thanks for the info. If I may ask for the reason for the transition to futures as opposed to stock trading?
Regards,
Timo
P.S.: Still just glad you're back to posting regularly ;-)
Hi Timo,
In a bear market there aren't a lot of stocks setting up. I still trade a select few stocks when opportunities present themselves. I like trading futures because I can concentrate on few charts. Less homework and fewer missed trades.
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