Day trading course MF Global Futures says Sayonara as well as hundreds of investors who’s deposits were used to cover Margin.
Just as we in the futures trading world thought we were safe from “Those Damn Bankers” but it seems many overlooked that Mr. Corozine was actually a previous president of the Notorious Goldman S. clan. Although Corozine was not running a high ranking government position he thought it would be OK to Embezzle funds owned by the firm’s Clients. Maybe we might see a Goldman Sach’s looter finally shackled for their use of clients funds in purchasing Italian Bonds.
“Italian Bonds”? – sounds like financial crack to most short term traders.
The thought that MF Global held 91% of it exposure in December Italian bonds and used clients money to cover the Margin is not only outrageous, but criminal. MR Global bought in to these highly leveraged bonds this summer and in a few short months have drained their clients “Capital Reserves”.
This could be foreshadowing of what is to come in Europe as Greece is in shambles, Italy and Portugal are in a neck and neck race down the toilet, and Spain is looking at a slide in their housing market and bonds. No wonder the risk off position is to sell the Euro.
Let’s take a look at the S&P500 emini futures for today. We have already seen a sell off from the 1289 highs. This is the resistant long term trend line pointed out previously. On the After hours Daily chart we can see that the price has broken below the 200 MA in Red and is continuing down to the 50MA (purple).
Day traders are watching the volume levels at 1226-29 for the Point of control to see if buyers recover and stall this move down.
First support on this move down is at 1208.25 with major support at 1197-1202. Not only is this where we have seen consolidation before, it is a huge psychological barrier for the retail investors. With this kind of news, where companies are embezzling funds of their investors, this price level could cause the nervous investors to pull their funds. If this happens, any thing under his 1197 price level could signal a sell off. The next area of suppot is 1182.75 then 1163. Next stop being the 1100 psychological support then the triple bottom at 1072.
Projected extreme low for a sell off is 1040. Being able to project price and direction in the market is key to day trading. Join our day trading course in Montreal in December if you would like to learn how to trade. Our methodology is simple, we don’t use indicators with monthly charges or expensive trading rooms. In fact our traders meet once or twice a week on line and trade for 30 min to an hour. Our system is built so you get in, get out and have a life. Our day trading community is only for traders that understand our system. We invite you to join us.
A heads up on China.
BEIJING, Nov. 1 (Xinhua) — China’s Purchasing Managers’ Index (PMI) dropped to 50.4 percent in October after rising for two consecutive months, down 0.8 percentage points from September, the China Federation of Logistics and Purchasing (CFLP) said Tuesday.
The CFLP report said the drop indicated the country’s economic growth might continue to slow down in the fourth quarter but the trend of a moderate economic increase would not change fundamentally.
The S&P500 emini futures is one of the largest professionally day traded markets in the world.
Our Day trading course focuses on training you on how to see price and direction in the marketplace and how to leverage your strengths to take a profit out of the market.
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S&P500 day trading course Quantitative Easing Explained. Very entertaining and easy to understand.
In a recession the Fed, Central Bankers of America, wants inflation not deflation. When Americans need prices to be low, they are trying to inflate prices.
Fed has never been right in their policy. Ben Bernanke has no business experience and has never been elected. The Fed has no authority to commit Tax dollars to purchasing of Treasury Bonds.
Forbes outlines a very revealing look at the next few months through 2013 in real estate. http://www.forbes.com/2009/08/03/commercial-real-estate-markets-equities-banking.html?partner=alerts This will be another run on banks underwriting procedures and more money in the form of bailouts.
Will this be good for the market? Well, if we look at this last stimulus bill and see its effect on equities I would definitely say, Yes… Remember the performance of the stock market is not based on the fundamentals of the economy. Presently, it is based on the stimulus from the invisible hand of the government.
I think there is a possibility of a quick sell off with a retracement of this move off of the 666 bottom.