Emini Trading Update – Wednesday 9 Mar 2011 (4:17)
We’re winding up for a biggie. I’m 60:40 for an upside break – but there are arguments for a downside break too (average trade size and TRIN Oscillator turned down). Either way, looking for fireworks tomorrow.
Today we had great “End of Trend” signals on the 500 tick chart that marked reversal points in a low range/consolidation day.
Link of the day …
Richard Koo is probably the most experienced economist on balance sheet recessions (his own term) and modern burst bubbles (i.e. Japan). He’s still arguing for even more massive Government spending.
I get the argument. But his assumption is that Japan has managed to avert a depression and is therefore a successful model to learn from/emulate.
But Richard, the history on Japan is not complete – yet. They have Government debt of 3xGDP and their demographic time bomb has just gone off – who will buy JGBs now? The final chapter on Japan is about to be written.
Quotes of the day …
From Nancy F.
“Hi Barry, One shot, One Kill. Short at 1317.50, Covered at 1313.50. Leaving for the day. Had 5 1/4 points yesterday … I left but came back too early and gave back 1 1/2 points. Discipline is my biggest problem, but working on it. Thanks again for everything.”
From Tony H.
“Barry, Just wanted you to know what a pleasure it is to listen to your daily chart analysis. I appreciate your thoughtfulness and the ability to laugh at a missed opportunity when the market throws a curveball. As a new trader, the search for reliable sources of education and opinion is difficult. You are truly a diamond in the internet rough. Here’s to 4 points.”
From Jack C. (last week)
“Barry, Have used your system for 3 weeks now and have a gain of $2,300. Great work! Love the daily updates. Thank you so much!”
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