Market Recap: 1261 Held Again

September 3, 2008 4:32 PM

Well, 1261 held again. This is getting somewhat old, but there was not enough news today to have traders push through it apparently. If we get down there again with some bad news, I do not believe it will hold the next visit there. We did not seriously test it today with a low of 1265. We will see.

Written by Tom@StockBlade.com · Filed Under Pre-Open | Leave a Comment

Site Update: No More Intraday Market And Futures Posts

September 3, 2008 12:19 PM

I mentioned before, this is just a site I do for fun and never intended it to be a job. But it continues to work out where I put in 4-5 hours a day to keep up, especially with this incredible market volatility. I do the site for nearly free just to try and help out the average Joe and enjoy doing so. But the hours required with this market volatility is a lot. So I am going to wait until this settles down a bit and give me a little break from looking at charts 5 hours a day, lol. I still may post some, but just far less and no more intraday calls for a while. Plus I am very frustrated with the volatility trying to trade the futures. It makes it very difficult and you have to be very careful of not making a mistake because of the huge moves.

I know I said the exact same thing twice before a couple of months ago when it got to be too many hours, but I am going to take a break from watching the market intraday to concentrate on work. The only way I can really do intraday calls in the future is to try and make a pay trading site so I can spend full time on it and not have to work also. The only problem with that is I am not certain i am good enough for that - ha. But my stock calls have proven very good, I just have not had the time to make enough calls. I would have to look at 50 plus charts every night to see where the trades are. That takes the fun out of the site for me, trust me, lol. I have even thought about letting the hosting expire in a month, but will probably keep it going as I enjoy doing it - just not 5 hours a day.

Written by Tom@StockBlade.com · Filed Under SP Futures | Leave a Comment

Morning Call: Futures Slightly Down, Watch For Early Reversal

September 3, 2008 9:00 AM

Futures are down a couple 30 mins before the open. 1261 is likely to try and hold again today. If it doesn’t hold today, and we cannot go positive if it clears, then we would likely close at the low of the day, or close. The key sma’s on the futures are all crossed short, so if we are going to reverse it may need to come early above 1261-1263.

We have Factory Orders at 10:00 EST and Beige Book at 2:00.

12:10 Update: What I meant was watch for a reversal on real weakness early. We didn’t see much weakness at all. Beige Book should determine the outcome of this as if we cleat 1261 late in the day, we are likely to see far more pressure.

Written by Tom@StockBlade.com · Filed Under Pre-Open | Leave a Comment

Watch The Gap

September 2, 2008 9:55 AM

The early low was 1296.25. We are still “ok” here unless that clears, as i see things. It is trying to reverse off the high, thus far, so the data at 10:00 will dictate the rest, it appears.

Written by Tom@StockBlade.com · Filed Under SP Futures | 7 Comments

Morning Call: Futures Up

September 2, 2008 8:42 AM

The market may be trading higher because of relief that the hurricane did not do the damage people thought was possible, not sure. Oil was down over $4.00 last night. 45 mins before the open we are at 1294. Once again, watch the gap reaction. In addition we have ISM Index out at 10:00. So the market may break further, one way or the other after that is released.