Sunday, October 3, 2010

Pivot to Pivot


At the open there were multiple sell signals on most chart views.













About 10:30 there were multiple buy signals.














Those buy signals held into the close.














While most of the buy and sell signals were easily recognized, not all were conforming. Yet the pivots were navigable enough to capture at least 20 points or $1,000 per contract.

This level of precision just does not exist for most of the traders in the world. Most traders were trying, unsuccessfully, to trade the news. We had good news followed by a sell off. Then after the reports were all out buyers came in. Here were some of the day's headlines.

•Personal income and spending increase more than expected
•Final Consumer Sentiment Survey for September improves
•ISM Manufacturing Index slips a bit more than expected
•Construction spending shows surprise increase
•Dollar remains under pressure (Good for stocks)

No comments:

Post a Comment