Emini Trading Update – Tuesday 24 Apr 2012 (16:24)
Rushing to get this update out. Didn’t realize how much the market was waiting for the AAPL numbers to come out and influence the market direction. Anyway, looks like we’ll go for an up trend move as we’re breaking out on the 45 minute chart.
Plus, if you have the ‘Better’ indicators, have a look at APPL on a daily chart and we’re about to make a Pull Back in an up trend support level, after Professional bars buying into the sell-off. So I think the market will test back up, just like APPL will test back up. But everyone knows where the weakness is – 1,410 on the Emini and $640 on AAPL.
Link of the day …
HT to Hamish B. for this article in the Wall Street Journal: The FX Traders’ Lament
That’s the nature of markets: they move between periods where they’re trending (and profits come easily) and periods when they’re consolidating. A lot of retail/swing traders got into FX when we were getting large trending moves. And now the FX markets have gone a little quiet.
In equities we’ve been trending with pretty decent moves. But it could all go quiet too, with daily ranges coming down to 10 points and the market consolidating is a large range. So make hay while the sun shines and have a plan that works in quiet markets too.
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