Let's see if it will sustain its momentum from the regular open/trading.
Thursday, November 3, 2011
U.S. Stock-Index Futures Advance on Speculation Greece Will Call Off Vote
U.S. stock futures climbed, erasing an earlier slide, amid speculation Greece will call off a planned referendum on its latest bailout after the euro area’s leaders suspended the country’s next aid payment.
Standard & Poor’s 500 Index contracts expiring in December added 0.4 percent to 1,238.8 at 6:46 a.m. in New York, erasing earlier losses of as much as 1.7 percent. Futures on the Dow Jones Industrial Average expiring the same month rose 45 points, or 0.4 percent, to 11,813.
“Markets have pared losses on hopes that a referendum will not occur,” said Ioan Smith, a director at Knight Capital Europe Ltd. in London. “I don’t think the market is too focused on Germany and France pulling aid, the main focus is on the referendum and Greece’s political situation.”
Prime Minister George Papandreou’s ruling Pasok party has split over his pledge to call a referendum on the country’s bailout package before a confidence vote in parliament tomorrow that may determine his survival.
Finance Minister Evangelos Venizelos led lawmakers opposed to Papandreou’s decision to put the package to a vote of the Greek people after German Chancellor Angela Merkel warned that the referendum amounted to a plebiscite on Greece’s membership of the euro. Papandreou is holding a cabinet meeting at midday in Athens, according to a statement from the premier’s office.
The S&P 500 has retreated 3.7 percent so far this week after Greece called a surprise referendum, spurring concern that the country will default. Germany and France said late yesterday they will withhold 8 billion euros ($11 billion) of funding, warning the Greek people that they will lose all European aid if they vote against last week’s bailout package.
The S&P 500 yesterday rose 1.6 percent after the Federal Reserve said additional purchases of mortgage-backed securities are a “viable option” if the economy requires further easing. The Federal Open Market Committee left the benchmark interest rate unchanged, saying economic growth strengthened while“significant downside risks” remain.
“From a U.S. domestic point of view, things are starting to settle down,” said Nick Skiming a U.S. fund manager at Ashburton Ltd. which oversees about $2 billion in Jersey, theChannel Islands. “But as long as the Greece problem continues, it’s going to infect and impact on all global markets.”
The Institute for Supply Management’s non-manufacturing index rose to 53.5 from 53 in September, according to the average economist estimate in Bloomberg News survey. Readings above 50 signal expansion. Other figures today may show a rebound in productivity and a decline in jobless claims.
Tomorrow’s Labor Department release may show U.S. non-farm payrolls increased 95,000 in October, fewer than the 103,000 jobs added in September, according to economists.
Standard & Poor’s 500 Index contracts expiring in December added 0.4 percent to 1,238.8 at 6:46 a.m. in New York, erasing earlier losses of as much as 1.7 percent. Futures on the Dow Jones Industrial Average expiring the same month rose 45 points, or 0.4 percent, to 11,813.
“Markets have pared losses on hopes that a referendum will not occur,” said Ioan Smith, a director at Knight Capital Europe Ltd. in London. “I don’t think the market is too focused on Germany and France pulling aid, the main focus is on the referendum and Greece’s political situation.”
Prime Minister George Papandreou’s ruling Pasok party has split over his pledge to call a referendum on the country’s bailout package before a confidence vote in parliament tomorrow that may determine his survival.
Finance Minister Evangelos Venizelos led lawmakers opposed to Papandreou’s decision to put the package to a vote of the Greek people after German Chancellor Angela Merkel warned that the referendum amounted to a plebiscite on Greece’s membership of the euro. Papandreou is holding a cabinet meeting at midday in Athens, according to a statement from the premier’s office.
The S&P 500 has retreated 3.7 percent so far this week after Greece called a surprise referendum, spurring concern that the country will default. Germany and France said late yesterday they will withhold 8 billion euros ($11 billion) of funding, warning the Greek people that they will lose all European aid if they vote against last week’s bailout package.
Greece’s Referendum
“The referendum will revolve around nothing less than the question: does Greece want to stay in the euro, yes or no?”Merkel told reporters after crisis talks in Cannes, France. French President Nicolas Sarkozy said Papandreou’s government won’t get a “single cent” of assistance if voters reject the plan. A Group of 20 summit begins in Cannes today.The S&P 500 yesterday rose 1.6 percent after the Federal Reserve said additional purchases of mortgage-backed securities are a “viable option” if the economy requires further easing. The Federal Open Market Committee left the benchmark interest rate unchanged, saying economic growth strengthened while“significant downside risks” remain.
“From a U.S. domestic point of view, things are starting to settle down,” said Nick Skiming a U.S. fund manager at Ashburton Ltd. which oversees about $2 billion in Jersey, theChannel Islands. “But as long as the Greece problem continues, it’s going to infect and impact on all global markets.”
Non-Manufacturing Index
A report due at 10 a.m. New York time may show that U.S. service industries grew at a faster pace in October, indicating the biggest part of the economy is holding up, economists said.The Institute for Supply Management’s non-manufacturing index rose to 53.5 from 53 in September, according to the average economist estimate in Bloomberg News survey. Readings above 50 signal expansion. Other figures today may show a rebound in productivity and a decline in jobless claims.
Tomorrow’s Labor Department release may show U.S. non-farm payrolls increased 95,000 in October, fewer than the 103,000 jobs added in September, according to economists.
Wednesday, November 2, 2011
Your Trading Journal (Market Sniper)
In the past few days there has been a lot of discussion on The Slope about keeping a trading journal.
Here is a very brief examination of the subject. I hope it helps!
I cannot over stress how important it is that the trader maintain a constantly up to date trading journal. Yet most traders do not even have one! A trading journal is NOT just a compilation of entry, exit and net profit or loss for each trade. That is what is in your brokerage statements . Of course, you should also include that information. There are many things that can go into your trading journal and each trader will do it differently. Here are just some ideas of what can be included and they are by no means exhaustive, far from it. Nobody but you will ever see your entries in your journal. Be brutally frank. Use your journal as a vehicle for improving your trading. Here are just a few ideas to get you started.
Here is a very brief examination of the subject. I hope it helps!
I cannot over stress how important it is that the trader maintain a constantly up to date trading journal. Yet most traders do not even have one! A trading journal is NOT just a compilation of entry, exit and net profit or loss for each trade. That is what is in your brokerage statements . Of course, you should also include that information. There are many things that can go into your trading journal and each trader will do it differently. Here are just some ideas of what can be included and they are by no means exhaustive, far from it. Nobody but you will ever see your entries in your journal. Be brutally frank. Use your journal as a vehicle for improving your trading. Here are just a few ideas to get you started.
- - Did I follow my trading plan for the trade? If not, why not.
- - At what point in the trade did I doubt the trade. If so, why
- - What did I do right in the trade
- - Where did I stumble in the trade?
We ALL make mistakes and errors. Take total responsibility for your trading decisions and outcomes. When an error is made, do not beat yourself up over it. Make the correction and move on as demonstrated in the above example. Attempt to keep it positive. We should learn from our own errors. This is part of how we can improve our performance as traders.
You can also grade your trade. You can use a simple pass/fail. Do not grade your trade according to the trading outcome! Grade it in light of whether you followed your trading plan or not. Here is a more complex grading system and one I use.
A=I followed my trading plan and made good money.
B=I followed my trading plan and made some money.
C=I followed my trading plan and lost some money.
D=I did NOT follow my trading plan and made good money.
E=I did NOT follow my trading plan and made some money.
F=I did NOT follow my trading plan and lost money.
We all want to be A traders, right? That being said, there is nothing wrong with being a B or C trader. Over time, your grade average will increase!
If you can, also take screen shots of your trade and put them in your journal. A picture is often worth more than one thousand words.
Here is another VERY important reason for keeping a trading journal. It can be the very best source for gauging your own trading metrics! Over time, you can discover which are your best trading days of the week and which is your worst. You can find out what hours are your best/worst if you are a day trader. In other words, you can find another edge for yourself. IF Fridays are your worst days, then decide not to trade on Friday or if you do trade on Friday, you may wish to cut down the size you trade.
In summary, if you are NOT keeping a trading journal, you are setting yourself up for trading failure. IF you are under utilizing this tool, you may just be a lazy trader. It is a very simple process and again, I cannot over stress your need to keep a complete trading journal.
Yours in the ever elusive search for trading edges, the Market Sniper
You can also grade your trade. You can use a simple pass/fail. Do not grade your trade according to the trading outcome! Grade it in light of whether you followed your trading plan or not. Here is a more complex grading system and one I use.
A=I followed my trading plan and made good money.
B=I followed my trading plan and made some money.
C=I followed my trading plan and lost some money.
D=I did NOT follow my trading plan and made good money.
E=I did NOT follow my trading plan and made some money.
F=I did NOT follow my trading plan and lost money.
We all want to be A traders, right? That being said, there is nothing wrong with being a B or C trader. Over time, your grade average will increase!
If you can, also take screen shots of your trade and put them in your journal. A picture is often worth more than one thousand words.
Here is another VERY important reason for keeping a trading journal. It can be the very best source for gauging your own trading metrics! Over time, you can discover which are your best trading days of the week and which is your worst. You can find out what hours are your best/worst if you are a day trader. In other words, you can find another edge for yourself. IF Fridays are your worst days, then decide not to trade on Friday or if you do trade on Friday, you may wish to cut down the size you trade.
In summary, if you are NOT keeping a trading journal, you are setting yourself up for trading failure. IF you are under utilizing this tool, you may just be a lazy trader. It is a very simple process and again, I cannot over stress your need to keep a complete trading journal.
Yours in the ever elusive search for trading edges, the Market Sniper
Tuesday, November 1, 2011
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