Ooops, sorry, that headline is supposed to be at the end of the day.
I guess we'll leave it and see how the day goes but I was just interviewed by Reuters and that's what we decided would happen today, though you'll have to wait for the official headline until the close. At the moment, our Futures are down slightly after a nice rally into yesterday's close saved us from DOOM! The S&P Futures (/ES) ran all the way up to 2,070 and that was up 10 points for a $500 per contract gain from my morning call along with similar gains on the other indexes.
Before we went up, we went down hard yesterday and, as I said in the morning post "Probably have to wait for the Dollar to be done rallying – it should stop before 95." As you can see from this Dollar chart, we went a bit further than I thought and the Dollar topped out at 95.50 around 10:45 but the effect was as expected on the indexes once it ran out of steam:
If you're going to trade the Futures, or be any kind of day-trader, you HAVE to learn to understand the relationship between currency, commodity and equity pricing. That's why I talk about all those other, boring things every day – our system is based on the philosophy that, if you give a man a fish – you feed him for a day but, if you teach a man to fish – you feed him for life! We teach our Members HOW the market work so they understand how to make adjustments without having to rely on other people to tell them what to do.
Still, we do have our Live Member Chat room and we discuss the nuances during the trading day (and you can get an idea of how that works from this week's Live Trading Webinar) and, at 10:17, as things were bottoming, I said to our Members:
Dollar 95.41 – can't blame anything for