May be a record volume day, if not pretty close to it. We traded over 6 million contracts of the emini SP 500. We did over 5 Mil yesterday. Market has sold off quite a bit over the last few days. While my medium to longer term view is still bearish, short term I think we might be due for a bounce.
Daily Chart of the Mini S&P 500 from August 5th, 2011
When markets trade with such high volatility, one must understand the enviroment he or she are trading in, which is quite different from the enviroment of few weeks ago.
Ranges are wider, speed is faster and volume is higher. You must take that into account, adjust your trading accordingly and make sure that you set limits as far as your daily risk is concerned and not allow for one trade or one trading day to wipe your trading account.
I wrote more about the topic in an article called: “Survivor day-trading“.
Have a great weekend!!
GOOD TRADING!
TRADING LEVELS!
Economic Reports Monday August 8th, 2011
NO ECONOMIC REPORTS DUE MONDAY
Economics Report Source: http://www.forexfactory.com/calendar.php
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!