SELLING 915.00 half 918.00 half 919.50 s/l
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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ta.
It took me a while but ive adapted to accepting the markets bullish nature.
Im basically a permabull, but hopefully cleverer than the other permabulls. I still try to wait for a good point to get long rather than just chasing it.
There are gonna be times where the market is absolutely freefalling like we saw a while ago when all the banks were going broke etc, but that's quite rare, and when that happens the market will tell you. We'll start losing hundreds of points everyday...then its time to take them losses (which will be nothing compared to what's been made) and then wait.
I couldn't cut it trading the way you guys do. Not good enough...but I have had record days in a row for a while now with lots of big winners with my new style.
Thanks. Be lucky
It is spreaded throughout this thread.
In general you can watch the $TICK index for NYSE to get a feel of the strength of buying and selling. It is less accurate nowadays but it is still a valid tool.
I did some explanation in my company blog site, article in magazines, etc. so search the blog for more info.
PM me if you need more links.
Not going to watch the mkt today.
If this 914 level is the top of the day, then we can expect a full retracement back to 882 in 2 days.
914 is a very important level before the melt down of last year.
No offense B1S2.
I think your method is tops and a trader could do very well converting the system to a more intra-day oriented style of trading.
I'm just saying that today's Economic Numbers are pure crap (with the lowest number of Housing Starts since before I was born) link and that reality should eventually be reflected in market price action.
For those of you who actually make money trading and pay taxes, this should make you quake in your boots:
the 60-40 rule is in danger of going bye bye...
US Derivatives Sector Riled By Treasury Tax Plan:
CHICAGO -(Dow Jones)- A U.S. Treasury plan to end a preferential tax treatment for the derivatives industry could drive away market liquidity, according to opponents of the move.
The Treasury's 2010 revenue proposal release Monday would see banks, hedge funds, proprietary trading firms and other market makers would lose their so- called 60/40 tax treatment.
The move is the latest in long-running efforts to boost taxes on the derivatives sector, and would raise an estimated $2.5 billion over the next 10 years.
The futures and options industry, fresh from a scare that the administration would revive plans for a trading tax, immediately moved on the offensive.
Susan Milligan, senior vice president of government relations for the Options Clearing Corp., said the move would hit individuals and partnerships involved in market-making, who benefit from the blended capital gains and ordinary income tax rate.
Market makers are key to the efficiency of the markets by standing ready to buy or sell contracts.
"If individuals leave the market making profession because of [the tax increase], that has an impact on market quality," Milligan said.
The 60/40 tax treatment dates from 1981 when then-Rep. Dan Rostenkowski, (D- Ill.), pushed through a provision allowing derivatives market makers to pay 60% of their income tax at the capital-gains rate and the remaining 40% at the ordinary tax rate.
The treatment provides a blended tax rate of around 23%, according to industry estimates.
The 2010 budget proposal would tax 100% of these entities' income from futures and options trade at the ordinary tax rate, which currently tops out at 35%, but could rise to 39.6% in 2011.
"There is no reason to treat dealers in commodities, commodities derivatives dealers, dealers in securities and dealers in equity options differently than dealers in other types of property," Treasury officials wrote in a document explaining tax proposals for 2010, released Monday.
"Increasing taxes on players in the financial services industry is in vogue right now," said Scott Talbott, senior vice president of government affairs for the Financial Services Roundtable, which represents the banking sector and plans to argue against the budget proposal.
Officials at Chicago-based CME Group Inc. (CME) were reviewing the proposal Tuesday, and the Chicago Board Options Exchange was preparing its own response, according to officials.
The International Securities Exchange, an electronic U.S. options platform owned by Deutsche Boerse (DB1.XE), said in a statement that events of the past year have highlighted the role of transparent, regulated markets.
"This is not the time to alter the tax treatment - and ultimately the health of - the very markets that our nation's regulators are attempting to drive business towards." Treasury representatives did not respond to requests for comment.
The financial services industry has successfully defeated challenges to the 60/40 rule in the past.
In 2003, the Senate was on the verge of repealing the provision before a lobbying campaign by exchanges and derivatives industry groups won a reprieve, arguing that elimination of the 60/40 tax treatment would hurt U.S. markets and investors.
BETTER CALL OR WRITE YOUR CONGRESS AND EXPRESS YOUR CONCERNS BEFORE IT'S TOO LATE.
the 60-40 rule is in danger of going bye bye...
US Derivatives Sector Riled By Treasury Tax Plan:
CHICAGO -(Dow Jones)- A U.S. Treasury plan to end a preferential tax treatment for the derivatives industry could drive away market liquidity, according to opponents of the move.
The Treasury's 2010 revenue proposal release Monday would see banks, hedge funds, proprietary trading firms and other market makers would lose their so- called 60/40 tax treatment.
The move is the latest in long-running efforts to boost taxes on the derivatives sector, and would raise an estimated $2.5 billion over the next 10 years.
The futures and options industry, fresh from a scare that the administration would revive plans for a trading tax, immediately moved on the offensive.
Susan Milligan, senior vice president of government relations for the Options Clearing Corp., said the move would hit individuals and partnerships involved in market-making, who benefit from the blended capital gains and ordinary income tax rate.
Market makers are key to the efficiency of the markets by standing ready to buy or sell contracts.
"If individuals leave the market making profession because of [the tax increase], that has an impact on market quality," Milligan said.
The 60/40 tax treatment dates from 1981 when then-Rep. Dan Rostenkowski, (D- Ill.), pushed through a provision allowing derivatives market makers to pay 60% of their income tax at the capital-gains rate and the remaining 40% at the ordinary tax rate.
The treatment provides a blended tax rate of around 23%, according to industry estimates.
The 2010 budget proposal would tax 100% of these entities' income from futures and options trade at the ordinary tax rate, which currently tops out at 35%, but could rise to 39.6% in 2011.
"There is no reason to treat dealers in commodities, commodities derivatives dealers, dealers in securities and dealers in equity options differently than dealers in other types of property," Treasury officials wrote in a document explaining tax proposals for 2010, released Monday.
"Increasing taxes on players in the financial services industry is in vogue right now," said Scott Talbott, senior vice president of government affairs for the Financial Services Roundtable, which represents the banking sector and plans to argue against the budget proposal.
Officials at Chicago-based CME Group Inc. (CME) were reviewing the proposal Tuesday, and the Chicago Board Options Exchange was preparing its own response, according to officials.
The International Securities Exchange, an electronic U.S. options platform owned by Deutsche Boerse (DB1.XE), said in a statement that events of the past year have highlighted the role of transparent, regulated markets.
"This is not the time to alter the tax treatment - and ultimately the health of - the very markets that our nation's regulators are attempting to drive business towards." Treasury representatives did not respond to requests for comment.
The financial services industry has successfully defeated challenges to the 60/40 rule in the past.
In 2003, the Senate was on the verge of repealing the provision before a lobbying campaign by exchanges and derivatives industry groups won a reprieve, arguing that elimination of the 60/40 tax treatment would hurt U.S. markets and investors.
BETTER CALL OR WRITE YOUR CONGRESS AND EXPRESS YOUR CONCERNS BEFORE IT'S TOO LATE.
Not really.
While it doesn't make me (or anyone else) happy to be paying more in taxes, American traders still possess enormous advantages over many other American citizens (without which we wouldn't be able to live in one of the top countries of the world).
If a trader needs a tax-advantaged status to determine whether they are profitable or not, you need to check your trading system.
***
Taking a thought from Spooz Top and his excellent post on how modern day America mirrors the Roman Empire, I would say "render unto Ceasar what is Ceasars ..."
Bye now.
"reality", "market price action", "pure crap" ? I will ask about a definition when next share holder meetings of GS, BAC, WFC, C, JPM and MS are approaching...
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