The S&P is rallying and I'm liking it! Hope the rally last until closing time! Old boy Bernanko on in 30 mins! :D
Alright lets proceed with the daily summary:
30 Mins FKLI Chart
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Daily FKLI Chart
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Daily Cash Chart
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We traded to these following levels today:
FKLI
Opened: 1577.50
Low: 1577
High: 1583.50
Closed: 1583
Cash closed at 1588 today. I was hoping for a match up coz I was long today. Our first level of support held nicely today and so did our trading levels.
In the morning, I said that the S&P made new lows and for the third time in three days in a row, it made long tails indicating that the levels below are being supported. So I was slightly biased to the upside because if you were a seller and have been trying to push this down for 3 freaking days, and each time you got your smacked at the support levels, you would want to wait for further conformation before selling. This pause from the sellers will give the buyers an opportunity to push this up more easily.
So I was quite bullish on the FKLI today. I tried to long at 78 in the morning. But there was no pull back. Then I tried to long at 79, then changed to 80, then changed to 81, then to 81.50. I said to myself, if I don't get filled here, I don't wanna chase it anymore! haha..
Then price did come back and I managed to get a better fill at 81. In fact, had I kept my order at 80 or 79.50, it would have been filled also. The position was in the money throughout most of the day. At one point when I was in a discussion with a customer, I think price came down to 79.50. If I had been in front of the screen, I would have bought more further! Cash was at 88 all this time!
So mixed result. I had a one position closed at break even, one with 2 points profit, and some are long into tomorrow! With the S&P doing great now, I am hopeful for a strong break tomorrow and if things look good, perhaps I might even swing the longs! Actually in fact, the plan was to swing all these positions over night. But in the last minute, the cash index closed down but not by too much to 88 which I think is due to the economic report and Bernanke's speech giving a bit of uncertainty into the market. So this caused a bit of confusion in the end so some orders was changed against the original plan.
We will see how it goes.. although early indication says we will close up higher, but who knows? The market can turn on a dime these days! Bernanke on in 15 mins! Good luck and see you all tomorrow for the final trading day of the week!
Ciao!
Best Wishes,
Tech Trader
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