In the Pre-Market we saw markets continue to push down testing the monthly lows again before coming back closer to yesterday’s close price before the open. In our pre-market analysis we looked more for the upside as the markets had sold off sharply before holding the monthly lows.

In the Cash Market, we saw the markets push higher on the back of some good news (Consumer Confidence higher then expected). We found an opportunity just before lunch where the markets looked at testing the highs and we took a powerfade trade (see: Trade of the Day) and we took it for 2 points after originally targetting four points. We decided to take just the two points because we did not see strong buyers come in when the broke the highs. In the afternoon the markets were flat waiting for the FOMC minutes. After the FOMC minutes were released we had a sell off followed by more flat action around Monday’s close. The end of the day brought some big buyers sending the market back towards it high for the day.

Trade Of the Day:

We finished +2 points for the room and are back on track to get our points for the week.

Autotrader: Was on the long side with the room (see trade of the day) and when the run on showed weakness the profit target was shortened back from 4 points to 2. The large number of contracts traded on the autotrader meant that there were 2 separate exit prices. This means an average price will be distributed amongst account holders. All up the profit on this autotrade was averaged at +2 points for members. It is good to see the equity curve of the autotrader steadily rise.

Comments from the Room:

[7:58 am] Matthew S: first trade win for 2pt, feeling good now,
[7:58 am] Hitomi B: Thanks for 2 points David, see you tomorrow
[7:58 am] Craig E: thanks for the points 2nght will see you tomorrow nght
[7:47 am] Martin M: gn thanks got 2.5 points
[7:44 am] Richard/Diane V: Well done dave, i got 9 ticks