 | I thought I was mad. The market must be mad and Goldman’s traders seem to agree. Here is what they say about today’s trade.
From Goldman's Sales team:
Stocks off just shy of 1%, which erases most of yesterday’s gains, which erased most of Monday’s losses. After tomorrow, will you be able to say that Thursday’s gains erased most of Wednesday’s losses, which erased most of Tuesday’s gains, which had erased most of Monday’s losses? With apathy running high and conviction low, that sounds just as reasonable as anything else.
Retail sales this morning was disappointing, but most of the day was spent chopping around unchanged. It wasn’t until 2pm that the sell-off began, so can’t point to data, or to Europe for that matter. Out flow actually skewed modestly better to buy, so no explanation there either. SPX ends down 9 at 1315 (-.70%). The DOW ends down 77 at 12496 (-.62%). The NASDAQ ends down 24 at 2819 (-.86%).
The EURUSD squeeze continues as the pair trades to a high of 1.2611. As always, there are reasons for the rally: more mutualization speculation, the FT reports that France is pushing for a more comprehensive stability package – with the ESM funding direct bank recaps as a first step, risk reduction ahead of Greece’s election, USD selling as the FOMC approaches. But none of this squares particularly well with the price action elsewhere. So it’s back to being a positioning driven event. Elsewhere, FX trading mostly as expected – dollar stronger as stocks sell-off last in the day.
Trade well and follow the trend, not the so-called “experts.” Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia.
larrylevin@tradingadvantage.com
Trading Advantage
(888) 755-3846  |  Larry Levin's Trading Advantage is a leading investment education firm that empowers traders to achieve and surpass their financial goals. More than 50,000 students have used Larry Levin's proven techniques for powerful results. |
Trading Signals from the Electronic (ES) mini-SP 500 - OTF buy @ 11:01am at 1315.50 = b/e & b/e (2 lots)
- Algorithm positions (4)
- “Reading the Tape” positions (7)…combined Secret’s, Algo, & “Reading the Tape” total… -5.75
ES 1318.50 / 1308.00
POC... 1319.00
YM 12507 / 12421
NQ 2547.75 / 2524.25
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Keep a civil tongue.