GDPhriday – Will a Downward Revision Take Down the Market?

SPX DAILYWheeeeee – what fun!  

The markets have flown higher on fairly light volume but who cares as we are making HUGE amounts of money on our bullish bets.  We are exactly on the path we expected for the week with just a few more data points to go but I did already tell you on Wednesday:

Hopefully tomorrow, improving sales of Durable Goods, which were down 1% (ex Aircraft) in the last reading.  We'll get an update on Personal Income and Spending on Friday, which should be improving (rising wages) but also a revised Q4 GDP report, which will likely be a bit lower in light of recent data.  

We're hoping the indexes hold up at S&P (/ES) 1,900 and Russell (/TF) 1,000, where we're playing the Futures long for a bounce with tight stops below.  DAX 9,200 needs to hold up in Germany and we're already surprised that 15,700 isn't bouncing on the Nikkei (/NKD) as people have panicked into the Dollar, driving it back to test 98 this morning.  The Nikkei loves a weak Yen.

The S&P hit 1,960 this morning (up $3,000 per contract), the Russell hit 1,040 (up $4,000 per contract) and the Nikkei hit 16,300 (up $3,000 per contract) so you are very welcome.  We even had a live Futures Trading Demonstration on Wednesday in our webinar where similar picks made $320 in the 30 minutes we were going through the trading examples (replay available here), in case you are wondering if you are capable of learning how to make money trading the Futures too.  

We took the money and ran, of course, as we're expecting a disappointing GDP number and then we'll play it by ear.  For those of you who are futures-challenged, we still have our ultra-long Russell (TNA) trade idea from last Thursday's post (again, you…
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