My biggest decision today was wondering whether to talk about a lot of markets and put up a lot of charts since it's the end of the month, or whether I should just talk about some stuff.
I decided not to put up charts since I'm sure you all know where the markets ended today...I will, however, say that, today, the YM, ES, NQ & TF again rejected a bid to move much further above the pivot high set in mid-August (which I spoke about in yesterday's post below).
That leaves some words from me on some stuff...
I simply want to re-enforce the idea that until there is a concerted and cohesive effort (with a successful outcome) by all world country's leaders (and their governments) to resolve a variety of issues related to debt and credit problems, the slowdown in consumer demand and consumption, protectionist trade issues, and the continued problem of high unemployment, the result will be a continued dwindling of confidence within the business community and the general public. In such an environment, we'll continue to see choppy and volatile markets across all sectors and in all countries for some time to come. Of that, I am certain.
So, not only will I keep a close watch on various market sectors, but also on world leaders and their resolve and actions (or lack thereof) to work together to fix these issues. Any country is only as healthy as its government policies and actions and its results (which must be accountable to and measurable for its electorate...which is absolutely necessary in a true democracy). As long as there is no harmony amongst countries (or even within each country), there will always be uncertainty and volatile times ahead (and not just in the markets).
Mr. Sarkozy said that the Eurozone is not sick...the opposite of sick is healthy. So far, I would not put "healthy" and "Eurozone" in the same sentence because of the discord amongst the countries within the E.U. I'd say the same for the U.S. because of the discord within the political parties...and I see this becoming worse as the focus of politicians turns to the election next year which always brings about a division amongst party goals and policies (not to mention the downright dirty politics that always arises).
If the markets are looking to governments and their leaders for stability and healthy progress on these problematic economic and fiscal issues, they will definitely be disappointed if the leaders and their parties continue along their current self-serving and unproductive and downright destructive paths.
So, how do I daytrade in such a volatile and unpredictable environment...with fierce observation and agility, and the ability to change my conclusions about probabilities and results in an instant.
The ability for change and harmony exists...of that, I'm also certain.
My second biggest decision today is what to have for dinner...
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. July 7 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Tues. July 13 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. July 14 @ 8:30 am ET ~ PPI m/m & Core PPI m/m Data
* Wed. July 14 @ 2:00 pm ET ~ Beige Book Report
* Fri. July 16 @ 8:30 am ET ~ Retail Sales & Core Retail Sales Data
* Wed. July 28 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Fri. July 30 @ 8:30 am ET ~ Core PCE Price Index Data
* Fri. Aug. 6 @ 8:30 am ET ~ Employment Data
*** Click here for link to Economic Calendars for all upcoming events.