Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Yesterday's post FOMC announcement reversal- and - rally was textbook action, albeit an extraordinarily large trading range. So, it appears the market has been discounting the move.
One would naturally think that today would be an inside consolidation day, and not a spike up follow through day, because of yesterday's large range and volatility.
Bonds, gold and the dollar, indicate that investors are gun-shy, and are not ready to test risk so soon, but if the market is to "bounce" at the very least, it needs to hold the previously mentioned levels and stage a modest rally at the minimum.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Another wild day for the markets. Nice sell off overnight and into the RTH open. Market then got choppy and it seemed like someone was absorbing all the orders around the 1121 - 1123 area. Market got a bounce and ran right into the 61.8% level from the overnight high where it was met with a fresh round of selling and may have squeezed out whoever was buying this up in the morning.
It now seems that every attempt to move higher is met with fierce selling. We still haven't approached yesterday's low but I wouldn't be surprised if we give that area another test.
The banks are getting absolutely beat up here. BAC, C, MS and the Vampire Squid all getting crushed today. Get ready for a liquidity crisis again. Money market funds have been transitioning out of Euro bank paper which will cause a huge liquidity disruption in Europe. This can easily make it's way over to the US.
You're making me complacent! I don't even need to open my own charts, I know I can just wait for your post at the end of the day.... Thanks for your contributions!
I had a dentist appointment today, and did not get back in time. It's depressing to see what I missed... I barely caught the last wave down, though. But I should have just pulled the tooth myself and been ready from the get-go...
I am in my late 20s, and trade my own account full-time. I've been trading (in various forms) for 8 years. I also just embarked on a BSc in Mathematical Finance; I have been toying with the idea of doing something more with my trading...