Friday, July 23, 2010

Emini Futures Trading / ES Up 7 Ticks


 “Trust in the LORD with all your heart; do not depend on your own understanding. Seek his will in all you do, and he will show you which path to take.”
Proverbs 3:5-6

“My child, pay attention to what I say. Listen carefully to my words. Don’t lose sight of them. Let them penetrate deep into your heart, for they bring life to those who find them, and healing to their whole body. Guard your heart above all else, for it determines the course of your life.”
Proverbs 4:20-23

Show Me The Way
Webinar Tomorrow
Understand the Big Picture Using the Vix w/ Mike Reed 
Saturday July 24, 2010 11:00AM EDT
Dell settles with the SEC. Dell (DELL) agreed to pay $100M to settle accounting charges by the SEC, and CEO Michael DEll will pay $4M to settle disclosure-related allegations. Regulators had alleged that Dell improperly hid the effect of massive payment from Intel (INTC) earlier this decade that inflated earning and misled investors. Dell neither admitted nor denied wrongdoing.
Probe turns to two BP managers. Two BP (BP) managers have been named "parties of interest" in a federal probe of the Deepwater Horizon oil rig disaster, indicating they're potential targets of the investigation. Robert Kaluza, a BP employee overseeing operations on the rig, and Patrick O'Bryan, BP's vice president in charge of drilling, are the first BP employees to be named as targets in the case; five employees of Transocean (RIG) had previously been named. While the probe continues, BP's relief efforts in the Gulf have temporarily ceased, delayed by tropical storm Bonnie which could reach the well site by tomorrow.
Green Dot's dapper debut. Prepaid debit-card provider Green Dot (GDOT) priced above its $32-35 range in a $164M IPO, and saw shares rise 22.2% yesterday to $43.99. It's a windfall for owners like Wal-Mart (WMT) and investors have high hopes for Green Dot, which has doubled earnings every year since 2006. However, the excitement may have gotten out of hand, as even at the midpoint of its original IPO range, the stock's P/E of 27 was higher than competitors like Visa (V).
Week in Review
The S&P 500 Emini Futures contract is up only 7 ticks over the last 7 sessions but that measly 1 3/4 points is still a potential short term game changer from a purely technical perspective. 
Personally, I still want to be convinced. If the market does not get whacked on the open Sunday night or on Wall Street's open Monday morning, I'll throw in my shorts and follow the herd like a good sheeple... at least  'till the weather changes.

Weekly Trading Zones / Weekly Results
I was going to publish this weeks 10K price action in its entirety on last weeks zones but I've decided against it. I have the chart but it somehow feels scripted or cherry picked. It simply is what it is... You have the price action on your own platform and the zones from last week are still right here on the site. If you really want to know what it looks like, then invest 5 minutes putting together the chart for yourself. It will be far more meaningful that way. I promise...

Pray Hard & Trade Safe!


1 comment:

  1. I love the Proverbs and chapter 3, verses 5-6 are life verses for me. Thank you for the great reminder to TRUST IN GOD!

    You are a blessing to me and so many others!

    Randy Redd


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