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Copy Of Tom Hougards Email:
Good morning,



I am somewhat surprised by the strength in the European markets this morning, but then again although Dow sold off the NASDAQ did not.



Given that we are trading well above 1132 in the Globex market I will treat the market with a bullish bias. Only a move below 1128 will get me bearish again. I got today as a down day, grinding lower, but I am somewhat sceptical of this right now given the strength in the European indices. As long as we are holding above 1132 the market has a chance of getting above 1142.



The only problem is volume. On this leg higher the volume has been declining. However, there are a large number of contracts outstanding for the expiration and I wonder if we will see a short squeeze develop. My Map sometimes shows a grinding day lower when we gap higher and just trade near the highs for the day. This is a possibility today.



Essentially the market is probing the ranges between 1120 and 1140. The market is bullish right now and a move above 1142 will target 1150. I am more inclined to think that we will see a range day if we dont break down.



I shorted the market yesterday as I said I would. I got the lower prices towards the end of the day. Unfortunately I have doubts whether my bearish call for Wedneday will hold true so I have stopped myself out at 1134 and remain flat right now, waiting for the cash market to open.



Tom

Big Al

'Doubled my MRS at 250p'

Sounds painful...I think you should have paid more!

Wot a dull market, churn churn!

Long Fokine (pronounce it carefully), Mine (each way) and Surf the Net at Royal Ascot!!! Oh and Powerscourt! Little Lucky 15 bet. ;)

amberjane

MM trying to scare a few early on methinks. Hasn't quite worked out that way! ;-))

I hope.

Hawick

come over to the traders room and you'll find a horse racing thread

likewise long fokine - oh so close!!!

Cracking thread at share-crazy too! ;) tipped up haafhd at 33/1 for guineas as long ago as October and gave a 40/1 golf winner recently!! Also on oaks day a fabulous treble.
Thank heavens in these dozy markets for sport!!

Evening.

All packed for Houston so taxi at 4:30am. Do I not like that?

Remain Long JKX, MRS, short WHT. Lobbed PLR in the auction for +0.5. Bought the dinner anyway. Open positions doing very nicely.

Very happy to have had 8 blue trading days on the trot, so chugging along well. Mind you, the last time I said that I got bolloxed so keeping a bit quiet. However, learnt the previous lesson so no chance of taking that mutha again.

Have a good time and best of luck to all. Should be away max 2 weeks, hopefully sooner, and should have log-on capabilities so I'll be watching!!

Al
;-))

PS - Special thanks to he of Oxon for keeping the best thread on the web going. His mate would be chuffed to bits. To everyone else, keep helping and posting. If not the legacy disappears.

Cheers Al have a good trip
M