Emini FuturesCast / The Daily Pod 09/22/11
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This show is so good because it not only talks about the markets , which we all are enthralled with, but also about finding out about ourselves and how it relates not only to our trading, but maybe even more important about how we see ouselves in the world we live in and how from the knowledge we take from this show can make ourselves a better human being in our life here on earth--I'll say it one more time"MAN I LOVE THIS SHOW"-thanks guys
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Fed Day Fallout - We cautioned you last night about playing outside on Fed Day. It was ok, then it was quiet, then it was late, then it snarled, then it dropped and then it really got ugly. And then it got bad.
We busted out the bottom of the Weekly Trading Zones so we are Free Falling on the overnight. If the Europeans can climb this wall of worry and get us back over 1168 before Wall Street wakes up we could see a turn around Thursday. Just in case, carry an umbrella... the sky really might be falling.
As previously announced there was a live broadcast today but since I was out of the studio we were unable to produce our regular Emini Podcast. We will broadcast and record tomorrow.
FOMC DAYFed Funds Rate is a short-term rate objective of the Federal Reserve Board. The actual Fed Funds Rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight. The real rate changes daily but is usually close to the target rate desired by the Federal Reserve. Adjustments to the Federal Funds Target Rate are made by the Federal Open Market Committee (FOMC) usually at regularly scheduled meetings; but can also be adjusted at any time with an emergency meeting. The rates reported below are based upon the Fed Funds Target Rates on the first day of each respective month. We report the Target Rate. The Effective Fed Funds Rate (Market Rate) can be found here.
E-Mini S&P 500: A proliferation of contagion?
At the risk of sounding redundant, the day was constrained by fear of default by Greece! The first part of the day was bracing for a potential default and later, the slight relief rally came as Greece’s Finance Ministry stated that they were near an accord with their international lenders to continue to receive bailout funds. Athens was encouraged to decrease its public sector and step up on tax collection. Finance Minister Evangelos Venizelos reported a “productive and substantive” dialect with the leaders of the European Union and the International Monetary Fund. Without the secured loans, the Greek nation would perhaps run out of funding by mid-October. It would in a sense be like a house of cards. Italy may for example hold Greek bonds and fall prey to the effects of a potential default. A larger economy may lead to further weakness in the Euro Zone,....
Last night we put 2 Tweets on the Street.
Markets recovered nicely into the close today. I was not in the Live Trading Room this morning but Michael and the CFRN Partners were. Really nice day! Be sure to watch the video if you weren't there.
Although I missed the Live Trading Room we had a beautiful YM setup just as we were starting the Live Radio Broadcast. Those who were logged in to the Chart Room saw it unfold in real time. It was qucik, it was clean, and it was good for 18 points. Some of the partners took even more.
Euro completes 800 Pip decline as forecast on this radio program 2 weeks before it happened. If you did not hear the forecast live, go back and listen to the podcasts for 2 weeks prior to August 22nd. Our co-host David sometimes strays down a political back alley but that's why we love him. Ok, the truth is we mostly love him because he can give us an 800 pip decline.
He also handed us a nice S&P 500 ES decline that Burt masterfully framed as follows -
ACTION TO TAKE: SELL DEC SP EMINI@ 1191.00 ON A LIMIT WITH STOP PROTECTION AT 1203.00
This Podcast is late. We had a meeting, then a workshop, throw in some hot flashes, sweaty palms, and a little crankiness and I think you'll forgive me. Won't you?
Ok people let's keep it moving. Nothing to see here............
Wait not so quick (got to throw in the seo mojo)
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Ok, you go now. For sure.