Friday, July 16, 2010

Emini Futures Trading / Peace


“You will keep in perfect peace all who trust in you, all whose thoughts are fixed on you!”
Isaiah 26:3

Peace. It has many meanings. I heard a story of a man that commissioned a contest to see who could best paint a picture of peace. He would hang the entries in a gallery and let the townspeople vote on which picture best portrayed it. Beautiful painted sceneries with sunsets and ocean scenes draped across the gallery walls. Majestic mountains with beautiful colors were brought to the gallery and hung. Other painters submitted paintings of birds flying in the air, old people with peaceful smiles on their faces and children playing. People were hard pressed to decide which was more peaceful. Finally the day before voting a last entry was being hung. As people saw it, they didn’t quite understand why it was submitted...

Goldman settles with the SEC. Goldman Sachs (GS) reached a settlement with the SEC late yesterday, agreeing to pay $550M and "reform its business practices" to settle charges that it "misled investors in a subprime mortgage product." It's the largest SEC penalty ever paid by a Wall Street firm. Goldman didn't admit wrongdoing, but acknowledged that "its marketing materials for the subprime product contained incomplete information." Analysts had thought an eventual settlement might carry a fine as high as $1B, so it looks like the firm got off relatively easily here. The fine is the largest against a financial company in SEC history, but is only 1/20th of the $10 billion in bonuses the firm handed out last year. The company earned $13.4 billion in 2009 and $3.3 billion in the first quarter of this year. Premarket: GS +5.4%

Weekly Trading Zones / Week In Review 

Let's look again at that big picture chart we posted last night.
Here's the 10K

See you Sunday Night for the Weekly Trading Zones.
(if you're a subscriber)


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