Greetings!
The way the market feels to me right now is that we are on a verge of a big move. There is a case for both bulls and bears and I wish I had a strong inclination one way or another. My instinct says this market wants to visit 875 but my instinct been wrong many times before…
More important as a day-trader, one must understand the environment he/she is trading in. Example is the last two days of trading. We know its 4th of July, short trading week and volume has been lighter. To me that translates to: ” be careful, light market may have exaggerated moves. Also means first hour of trading may be best for trading, last half an hour may get crazy. Boring in between.”
May not be a bad idea to keep a trading journal you can go back to over time.
Monthly unemployment reports before cash open tomorrow should give us more volatility.
Markets will be closed this Friday for 4th of July. July 4th trading schedule is posted here.
Good trading.
Futures Trading Levels for July 2, 2009
Economic Reports for July 2, 2009
Economic
7:45am ECB rate decision
8:30am June Nonfarm Payrolls (last -345K), Unemployment Rate (last 9.4%), Manufacturing Payrolls (last -156K), Average Hourly Earnings (last m/m 0.1%, y/y 3.1%), May Factory Orders (last 0.7%), Initial Jobless Claims (last 627K), Continuing Claims (last 6.738M)
10:00am May Factory Orders (last 0.7%)
10:30am Natural Gas Inventories
11:00am Treasury note announcements
Events
Trades Ex-dividend: BBY $0.14, RTN $0.31, BNS $0.437, RDY $0.111.
Earnings
Before the Open: AYI, MEI, MSM.
This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!
