This is just getting silly!
Look at the ridiculous and FAKE move up that began BEFORE the Fed announcement at 2pm that was completely reversed by 3pm with, as usual, twice as much down volume as up volume during the hour. There, in a nutshell, is what the entire market has been doing since we bailed on it in late March.
Don't get me wrong, we're having an absolute blast taking advantage of all this blatant market manipulation but, come on - can we ever get back to reality, where it matters how much money companies are making and what sort of return on investment they offer? While we're waiting for that to happen, at 2:11 pm I said to our Members in our Live Chat Room:
I'm back one short /TF at 1,257.50 but not a lot of conviction. Dollar at 95.72, so not seen as easy by the currency traders.
This morning we flipped long on /TF at 1,252.50, which was good for a $500 per contract gain from our short and now we're back to flat at 1,255, which was good for a $250 per contract gain from our long. Even better, the long trade idea we had on Gasoline Futures (/RB) in Tuesday's Live Trading Webinar (replay here) hit our goaaaaaaaaaaaaaaaaaaallllllllllllll at $2.06 this morning and that was good for $2,520 per contract - not bad for a free Webinar pick!
Don't worry, for those of you too cheap to subscribe to one of our Membership packages, our next Free Webinar is scheduled for June 24th - I'm sure we'll have another good pick for you then!
Speaking of economies that are burning, we'll be looking for a short entry on China (FXI) this morning as their PMI was negative for the 3rd consecutive month (and 5 out of 6) DESPITE massive stimulus.
