15th June 2012 - Morning Updates

Morning Traders,

Alright.. The choppiness continues again! The US market closed up last night with the Dow notching up a 156 points gain while the S&P gained 14 points.

Amazing how the world doesn't really care about Greece isn't it?

Alright.. today would be the Triple-Witching Friday and things are going to get really freaking choppy in the US market. But after today, I hope that we would resume normal trading starting next week.

Lets just grit our teeth and try to make it through today with some gains.

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Lets move on to our local market.

Alright.. firstly, I shall disclose my position before we dissect the market. Yesterday I was short with the average of 72.75, but I have no idea why I got spooked out and close the contracts with a small loss at 73.50. I really wanted to short yesterday which I had updated in the morning update.

Towards the end, I am holding another short, not at a great entry, at 68, which I think is going to suffer a bit later as I think we might possibly gap up.

The question I have in my mind is that, should I cover at the open right off the bat? I have not decided yet.. so we will see later..

Alright lets move on to the charts..

We close below the 70 level yesterday but could not break the 65 level I spoke about yesterday so the trend remains up for now. It still amazes me how the market just doesn't care about Grexit! lol..

Also, we will have a host of important meetings such as the G20 next week and I believe the FOMC also.

I think market would remain in a range bound trading so just be aware.

As for today, I think the best you can do is just sit on the sidelines and don't trade especially if you are a new trader. Otherwise, maybe just day trade and scalp for profits. I have not considered if I would hold a position over the weekend yet as of now. I think the best thing to do is to go into the weekend flat. The rest is up to you.

Here are your levels for today:

FKLI

Upper Resistance: 1575, 1577, 1580, 1583, 1585
Lower Support: 1570, 1565, 1562, 1558

Cash Index

Upper Resistance: 1573, 1576, 1578, 1580, 1582
Lower Support: 1569, 1566, 1563, 1558

Trade safe everyone.. better yet, just don't trade for today.. :)


Best Wishes,
Tech Trader