Daily Summary - 9th April 2012

Alright good evening all,

How did all of you do today? Wow.. I just got home and had dinner.. its really quite a commitment to be doing this the whole day! But this is who I am and this is what I do. You can all rest assured I'll do my best at all times no matter how tired the flesh is.

Alright lets get started with the daily summary.

We traded to the following levels today.

FKLI April Contract

Opened 1589.50 from 1595.50 the previous trading day
High 1590.00
Low 1582.00
Close 1586.00

*sorry there is no chart today.. left my freaking pendrive in the office just now..

Alright we opened 6.5 points lower which was expected as the US futures fell last Friday after the jobs report. Then we touched 96.5 briefly traded up to touch 1590 right after that, sort of like a dead cat bounce. The Cash then opened at where it closed last Friday where after, it also started to fall in line with the futures. That was when our FKLI also dropped and traded to a low of 82 which was above our second level of support of 80.

Putting a sell stop at just below 96.50 would have been a good trade looking back now.

After touching 82, we traded up slowly back to the area of our first level of support at 85. This was about 10.30 am. We have traded in a range since then. We briefly touch 87 and traded most of the day after that at the 85-86 range. We were not able to overcome the sellers at 86 and 86.5 that kept coming on throughout the whole day. At one point, we did sold off to 83.5 which was good for sellers that sold the bounce up then.

Pretty much a quiet day and range trading day as some of the major market like the Europe and UK are closed and we have Bernanke speaking tonight. This combination of factors would keep traders out hence the lower volume and lack of direction.

So that's about it for today. Tomorrow would be interesting to see. No major numbers at night so I hope to get some good range tomorrow.

Take note that Wednesday is a public holiday so no trading in our local market.

Take care all. Gonna get some rest soon.. Ciao!


Best Wishes,
Tech Trader