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Hello mandrews,
That commission is high by my lights (I use PFG)--should be below $10
for mini's.
Tuesday was a great day for trading the sp's--obviously moving
30-points helps a lot. It was my best day since late July. I think a
lot of it was the increase in NYSE volume (finally!). when volume is
low and decreasing the SP's are spastic--no orderly progression of
highs/lows, inability to to put in two consecutive higher highs. also
I speculate low volume allows hedge funds to do more program trading
and muscle the markets around. there's just less mass to deal with.
Program trading is now accounting for > 30% of NYSE volume.
Regarding knowing when such days will occur, here are my feeble
attempts at doing this:
Monday was an inside day so I look for expansion/trending the next
day. Following a trending day, expect a smaller range, oscillating
day.
I carefully watch the behavior of price in the first 15 minutes and
often will trade the breakout with very tight stops. I try to catch a
ride on the "race" to 10:30 ET.
After the first hour, I watch to see if prices will continue the 1st
hour trend. if they don't put in a higher high (LL), I put the odds
on a range bound, "Z" day.
As the day goes on I watch how many times the 3 MA crosses the 20 EMA.
More than 2 makes me use tighter stops and makes me leery of expecting
longer trades.
I don't trust days when the Advance-Decline is less than 500. Usually
associated with whipsaws and spasticity.
Trend day like yesterday often have parabolic moves late in the day in
the direction of the day's trend.
What other clues do folks use?
Best regards,
Jim Johnson mailto:jejohn@xxxxxxxxxxx
--
Tuesday, September 17, 2002, 9:28:58 PM, you wrote:
mcn> Anyone on this list clear their trades through refco and receive
mcn> lower rates than $10 + $2.32fees = $12.32 for R/T e-mini's, and
mcn> $12 + $4.64fees = $16.64 R/T on big Sp's?
mcn> I'm trying to compare apples with apples with clearing firms. I
mcn> feel that $16.64 R/T for big Sp's is somewhat reasonable, but think
mcn> that I can do better than $12.32 R/T with e-mini's. Any input is
mcn> appreciated. I trade roughly 70-115 e-mini's/month not counting big
mcn> Sp's...
mcn> Days like today are the one's I wished I were trading for a living.
mcn> Talk about a field day. What a shame. I guess the market decided
mcn> to move up and down according to my work today. The luring
mcn> ability of the market. If I only knew when these days would come. I
mcn> wonder who's work the market will decide to mirror tomorrow?
mcn> Matt
mcn> To unsubscribe from this group, send an email to:
mcn> realtraders-unsubscribe@xxxxxxxxxxxxxxx
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