Trading the SPX

[Racer]

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Construction Spending Jul Jun ! Consensus: !
Overall Spending Unch -0.6%r ! +0.5% !
Residential 0.2% -0.2%r ! Actual: !
! Unch !
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--U.S. construction spending was flat during July as outlays rose on housing but took the biggest fall in six months for government building of roads, offices and other projects.

Total spending was unchanged at a seasonally adjusted annual rate of $1.099 trillion, the Commerce Department said Thursday. Spending dropped by 0.6% in June; it was originally seen down 0.3%.

Wall Street had expected July construction spending would go up 0.5%.

 

[Anonymous]

Does SPX have a day limit?

 

[Anonymous]

Depends on where the donation will end up.

 

[fmb]

That move went much further than I thought it would and I bought more at 1216.6

+13 on a DOW long. It felt weak and wasn't sure it was worth holding. I would not be surprised to see it back at 1216ish. Not a convincing move up here. Have a buy in place higher up, just in case it goes for it. Watching the action for now before deciding how to play it.

 

[kevinmcm]

Closed posi at 1223.3

Nicely done

Still see more downside, with a push up later/tomorrow. All that has happened is that the opening gap has now been covered but the move up from 1216.5 has left more in it wake.

 

[kevinmcm]

Agree, all down to the timing. Ideally would like to see it under 1217.5 and even better towards 1216.5, low risk trade to start scaling in longs from that area. See what the lunch bunch do in 15 mins. Not often the market behaves this well. Been a very good few days long & short

 

[kevinmcm]

You are obviously not trading with Cap Spreads then? Shocking response from their system/dealers today, time outs, errors and all the while watching profits vanish before your eyes. I'm scalping DOW moves, or at lesat I would be if Cap SPreads would get the finger out

 

[kevinmcm]

Very good days read of the pattern.

The pattern has unfurled itself very nicely since I labeled the low inplace. All trades were strictly placed on pattern labelling and nothing else. This is the first time I have ever done that (and in public too!) This is a break-through session.

Satisfactory.

Yep, as I mentioned above the moves have behaved very well. Normally it gets where you expect but not in such a neat way. All Fibs and gaps for me today.

 

[JillyB]

US events for August 2nd 2005

US - Employment Situation (Aug, 2005) 8:30 AM Aug, 2005
Nonfarm Payrolls, M/M change 190,000.00

US - Challenger Job-Cut Report (Aug, 2005) 10:00 AM Aug, 2005

The greatest weariness comes from work not done.

August?? Have I missed something here? Or a victim of time-travel, without my knowing?

 

[Racer]

But, no excuses Joules, we are so used to your superb standard of work, well, it isn't you... is it

 

[Racer]

Something for both the bulls and the bears to think about

 

[kevinmcm]

Labor Day holiday on Monday could add to the markets bullishness and unless something out of the ordinary happens between now and Tuesday then the US week should start on a +ve note next week. I'm long DOW from this morning. Looking for 10525 by early next week. No SPX position yet.

 

[kevinmcm]

Looking at 10 min DOW chart, it looks like up over 10470 and down below 10450, wedge nearing an end point. DOW holding above 10470 for now so maybe a fast up move from the open to yesterdays high then a retrace with a +ve finish. Same sort of setup on SPX chart.

 

[kevinmcm]

Taken a profit here. Not quite the open I was looking for, looked weak. There is a gap on SPX chart @1219.75 which is also the lower trend line on a 2 day chart

 

[kevinmcm]

SPX hovering around 38.2% (1218.55) retrace from the move up on Wed to yesterdays high. Next level down is 1215.85, 3 day/13 & 10 min charts are bottoming, doesn't mean to say it can drift lower of course as it does bottom.

 

[hornblower]

Hi Joules
tell me what are advantages of trading cfd`s
I spread bet
long at the moment

 

[kevinmcm]

Kevin how are the Cap Spreads desk treating you? Need to come over to the dark side?

Just fine, been an excellent week overall. Put yesterday down to some sort of glitch with them. Cant really fault them, stable platform and very good to deal with even if we have had our differences in the past.

 

[kevinmcm]

Oil falling off again. Oct Brent off $1.21, not what I expected aftre reading a report on the state if things post hurricane.

 

[hornblower]

seems to be runing out of steam
closed all longs

 

[kevinmcm]

Last DOW gone +35. May well make that the last of the week. 1221.50 looks like the line to stay above.

With oil coming off and holiday weekend approaching, I think it should rise but its in no hurry to do it. 7.30 push tonight maybe back to 1126?