e-mini S&P Daytrading Journal

BenMillane · Jul 26, 2006

Market Commentary and System Update for July 25th, 2006
This morning two economic reports were released: <ul><li><a href="http://biz.yahoo.com/c/terms/conf.html">Consumer
Confidence</a> at 9:00am CST and</li><li><a href="http://biz.yahoo.com/c/terms/exist.html">Existing
Home Sales</a> at 9:00am CST</li></ul>Shortly after the reports were released, indices are moving up modestly following an unexpected rise to 106.5 (consensus 104.0) in the July Consumer Confidence index. Separately, sales of existing homes falling 1.3% in June to 6.62 mln units, leaving inventories at their highest levels since July 1997, have also contributed to the recent turnaround since the data support Fed Chairman Bernanke's recently dovish testimony about the increase in mortgage rates reducing affordability and thus the demand for housing. During the lunch time the market retraced, and nothing exciting happened. But then shortly before the close buyers came alive again and let the e-mini S&P close 4 points higher than yesterday. It was a perfect day for our trading systems: This morning they insiders were first pusing the market up and then dropped it to the morning's low. That's exactly what we want to see, and both our trading systems posted profits for today. <a href="http://www.rockwelltrading.com/system/smartstart.php" target="_blank">SmartStart</a> went short this morning and made a quick winner of 3.5 points (=$175). <a href="http://www.rockwelltrading.com/system/eagle_pro.php" target="_blank">EaglePro</a> went short, too, but the profit target was slighly more aggressive. Nevertheless <a href="http://www.rockwelltrading.com/system/eagle_pro.php" target="_blank">EaglePro</a> easily reached it today and made 4.25 points (=$212.50) in profits.Update on yesterday's trades:Both trading systems went short and got stopped out with a loss of 8 points <a href="http://www.rockwelltrading.com/system/smartstart.php" target="_blank"> (SmartStart</a>) and 9 points<a href="http://www.rockwelltrading.com/system/eagle_pro.php" target="_blank"> (EaglePro)</a> Month to Date for July 2006 (per contract): <a href="http://www.rockwelltrading.com/system/eagle_pro.php" target="_blank">Eagle Pro: $1225 ( +24.5pt ) </a>and <a href="http://www.rockwelltrading.com/system/smartstart.php" target="_blank">SmartStart: - $200 ( - 4pt )</a>

BenMillane · Jul 27, 2006

Market Commentary and System Update for July 26th, 2006
No major economic reports today. We just had the weekly crude oil inventories and the Fed Beige Book on the calendar for today. Oil prices closed below $74 a barrel, after trading at $74.50 this morning following a larger than expected draw down in weekly gasoline inventories. But overall it was a sluggish trading day, and all major averages closed just below the flat line to finish relatively unchanged. The Fed's Beige Book also revealed some good, but unexciting news: It showed that 6 of the Fed's 12 districts "pointing to evidence that the pace of growth has slowed," further validating that monetary tightening has run its course (for now), supporting signs that policy makers will not raise rates at the next FOMC meeting on August 8th. Both our trading systems posted gains today: <a href="http://www.rockwelltrading.com/system/eagle_pro.php" target="_blank">EaglePro </a>went long with two contracts shortly after the opening, and when the market turned around it realized profits of 6.5 points (=$325). <a href="http://www.rockwelltrading.com/system/smartstart.php" target="_blank">SmartStart </a>did the same, but since it is more conservative, it opened only one position and realized 3.5 points (=$175) in profits.Month to Date for July 2006 (per contract): <a href="http://www.rockwelltrading.com/system/eagle_pro.php" target="_blank">Eagle Pro: $1550 ( +31pt ) </a>and <a href="http://www.rockwelltrading.com/system/smartstart.php" target="_blank">SmartStart: -$25 ( +0.5pt )</a>

BenMillane · Jul 28, 2006

Market Commentary and System Update for July 27th, 2006
There were two economic reports this morning before the markets opened:<ul><li>Durable Orders at 7:30am CST and</li><li>Initial Claims at 7:30am CST</li></ul>Later two more economic reports were released:<ul><li>Help-Wanted Index at 9:00am CST and</li><li>New Home Sales at 9:00am CST</li></ul>The data from the reports were quite good: June durable orders rose 3.1%, well above the 2.3% consensus given the large jump from Boeing aircraft orders. Initial claims fell 7K to 298K (consensus 310K). New home sales in June fell 3.0% from May and 11% from a year ago. That news lends support for a possible pause in Fed tightening. But this morning the stock market does not (yet) react to economic news. It's earnings season, and investors focus on corporate news. So even higher oil prices (up 1% at $74.70 a barrel) do not affect the market this morning, and for most of the day the market did not go anywhere. It seems that after the lunch break traders got bored and decided to shake things up a little. Using Microsoft's analyst meeting as an excuse for their action they drove the market down to yesterday's low and then let
it bounce back. How fun is that?!? This morning's volatility was high enough for our trading system <a href="http://www.rockwelltrading.com/system/eagle_pro.php" target="_blank">EaglePro</a> and shortly after the opening the system went short. We were shooting for a modest profit target of 3.25 points (=$162.50)and reached it quickly after entering the position. Then the system went long, trying to take advantage of lackluster trading in a tight range. The profit target was set at the day's high and was definitely achievable. But when traders decide to take the market down in the afternoon, the system went out on a timestop before it got ugly, and we lost 2.25 points (=$112.50) <a href="http://www.rockwelltrading.com/system/smartstart.php" target="_blank">SmartStart </a>didn't take the early trade and tried only the long trade. For most of the day prices were trading around the entry price, but when the market moved down in the afternoon, the system got stopped out with a loss of 8 points (=$400) after two winning days.Month to Date for July 2006 (per contract): <a href="http://www.rockwelltrading.com/system/eagle_pro.php" target="_blank">Eagle Pro: $1437.50 / 28.75pt </a>and <a href="http://www.rockwelltrading.com/system/smartstart.php" target="_blank">SmartStart: -$425 / (8.5pt)</a>

BenMillane · Jul 29, 2006

Market Commentary and System Update for July 28th, 2006
There were three economic reports this morning before the markets opened:<ul><li>Chain Deflator-Adv.at 7:30am CST </li><li>Employment Cost Index at 7:30am CST and</li><li>GDP-Adv. at 7:30am CST</li></ul>Later one more economic report was released:<ul><li>Mich Sentiment-Rev. at 8:50am CST</li></ul>The data from the reports is mixed: An advance read on GDP showed that the economy grew 2.5% in Q2 (consensus 3.0%), well below the 5.6% enjoyed in Q1, but the chain deflator -- a key inflation measure -- came in at a lower than expected 3.3% (consensus 3.4%); the Q2 employment cost index rose 0.9% (consensus 0.8%). When the reports came out, prices were moving up and down, but shortly after the opening the market lacked any direction. Then the report compiled by The University of Michigan was released and showed investors what already appears to be quite evident: that consumer sentiment has strengthened over the last two weeks. The index inched higher to 84.7 from a preliminary read of 83.0. But even this did not impress the market, and 1 1/2 hours after the opening we were still trading around the opening price. Then, at 10:00am CST, the market gained some steam and prices were finally moving up. Additional support for equities has been provided by the Treasury market, which has pushed the yield on the 10-yr note below the psychologically significant 5.00% level for the first time since mid June. It currently stands at 4.98% as fed fund futures have dropped expectations for an August rate hike by the Fed to 26%, as opposed to 46% ahead of the GDP report and more than 90% likelihood after the last hike in late June, while expectations for any more tightening this year have also diminished. This morning's trading was perfect for our trading systems: <a href="http://www.rockwelltrading.com/system/eagle_pro.php" target="_blank">EaglePro</a> faded the breakout of the opening range and went short. As expected, prices moved back towards the middle of the opening range and the system made 3.5 points in profits (=$175). <a href="http://www.rockwelltrading.com/system/smartstart.php" target="_blank">SmartStart </a>approached the market from the other side and went long at the bottom of the opening range. And as expected, prices moved back up and the system made 3.5 points in profits (=$175).Month to Date for July 2006 (per contract): <a href="http://www.rockwelltrading.com/system/eagle_pro.php" target="_blank">Eagle Pro: $1612.50 / 32.25pt </a>and <a href="http://www.rockwelltrading.com/system/smartstart.php" target="_blank">SmartStart: -$250 / (5pt)</a> Have a great weekend.

brownsfan019 · Aug 10, 2006

Ben,
You guys still out there? Haven't seen anything in awhile, I can only assume what that means... :eek:

JimmyJam · Aug 10, 2006

Quote from brownsfan019:

Ben,
You guys still out there? Haven't seen anything in awhile, I can only assume what that means... :eek:

hahaha

- that's a weak, hung over laugh!

Option 1) they don't think anything is being accomplished here at ET

Option 2) they don't think anything is being accomplished here at ET, and Ben got fired.

Option 3) he's actually just on vacation, and will be back shortly (dog days of august).

Prevail · Aug 10, 2006

I enjoyed the posts. keep it up, trade through the dd.

vtt · Oct 6, 2006

i am new to this type of trading..i went to Strategy Runner, and they list all their auto systems...it looked like Rockwell and another one called the Minianalyst had the best returns. So, to get some feedback, i did an internet search and came up with this thread. i would appreciate any feedback on Rockwell, The Minianalyst or others that may be of value. I see that Rockwell now has a new Combo system that they say has even better results. From other threads I see that they used to have a Coin Collector system..eaglpro and the other ones must be new..they do not list the Coin Collector anymore.

e-mini S&P Daytrading Journal

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