Same thought here. I beg tonthonk they will even increase QE at some point... We all know tapering is never gonna happen, the economy is a total mess, loans gonna be more under water then expected, even without new shutdowns
Trading today's jobs report... Your ideas?
- Thread starter KCalhoun
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There's So much more involved to consider when Day trading economic reports.
It's kind of laughable when I hear people getting ready to simply bet up, if the numbers are good....bet down, if the numbers are bad.
Yea, right...if it were that easy...everyone out there and around would be millionaires practically overnight.
Day trading is a very complicated thing to try to accomplish.
In wrist watch terms, day trading would be a tourbillon, minute repeater, perpetual calendar, grand complication watch. While investing, buying and holding, for the longer time frame horizon of retirement would be a basic Timex.
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The reaction was if the employment numbers disappoint short YM & RTY and go long NQ. The same as yesterday on the ADP reports. YM went down 200 pts from 0630 to 0800 CST. NQ went up 45 pts so it wasn't that great. Up/down 30bps either way. RTY went down 1.1% from 0630 to 1040.
The trick is to sell/buy after the counter rally price action. It is similar to the Fed action days. It seems the action is always on the first direction but you have to wait for the counter rally to fade.
The trick is to sell/buy after the counter rally price action. It is similar to the Fed action days. It seems the action is always on the first direction but you have to wait for the counter rally to fade.
That is really easy to say after the fact. So how should we play the holiday session starting at 1800 hours EDT?
Let us stop looking BACKWARDS into the PAST and be geniuses in our armchairs. Let us look FORWARD to Labor Day.
What will the market do Sunday evening into Monday? Well, what does the market do MOST OF THE TIME on a holiday? MOST OF THE TIME it drifts up. Come Sunday, barring any sudden events, I may take a long or two. Will depend on how I "feel" the market movement.
Of course I don't try to guess the market usually but I was talking about these days where there is a report or Fed speaking out. My observation looking at the 15 sec chart on TWS is that the longer term but still intraday momentum is the initial direction. It also happened after the virtual Jackson Hole meeting.
It doesn't always work, of course. I went long the Euro & Aussie dollar. The Euro actually was flat but the Aussie dollar did go up a lot. Seems like they both faded in the last 2 hours.
Also my delineation from YM vs. NQ is based on the sectors that they are composed of. YM == financials & industrials. NQ == FAANGM. Its strange but large cap tech is seen as defensive in this market along with consumer staples, REITs & utilities.
It doesn't always work, of course. I went long the Euro & Aussie dollar. The Euro actually was flat but the Aussie dollar did go up a lot. Seems like they both faded in the last 2 hours.
Also my delineation from YM vs. NQ is based on the sectors that they are composed of. YM == financials & industrials. NQ == FAANGM. Its strange but large cap tech is seen as defensive in this market along with consumer staples, REITs & utilities.