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CME Globex
Friday, Sept 3:
CME Globex EQUITY INDEX and CBOT Agricultural Products through Globex regular close.
CME Globex FOREIGN EXCHANGE and Financial Products close at 3:15 pm.
NYMEX/COMEX Products through Globex close at 3:15 pm.
Sunday, Sept 5:
Globex will open at its regularly scheduled time excluding CBOT Agricultural products will remain closed until their normal reopen on Monday Sept 6 for trade date Tuesday Sept 7.
Monday, Sept 6:
CME Globex EQUITY INDEX Products close at 10:30 am.
CME Globex FOREIGN EXCHANGE and Financial Products close at 12:00 pm.
NYMEX/COMEX Products through Globex close at 12:15 pm.
CME Globex EQUITY INDEX reopen at 5:00 pm for trade date Tuesday Sept 7.
All other Globex product normal reopen for trade date Tuesday Sept 7.

ICE
Friday, Sept 3:
Russell EQUITY INDEX Products and ICE U.S. Dollar Index close at 3:15 pm.
Sunday, Sept 5:
ICE Products will open at its regularly scheduled time excluding ICE soft products will remain closed until their normal reopen on Monday Sept 6 for trade date Tuesday Sept 7.
Monday, Sept 6:
Russell EQUITY INDEX Products close at 10:30 am.
ICE U.S. Dollar Index Products close at 12:00 pm.
Normal reopen for trade date Tuesday Sept 7.

EUREX
No Changes to Schedule

TheTradingZone Chat Room will be open on Friday September 3, and closed on Monday Sept 6. Tuesday September 7 will be oerating as usual

The time has come to break free of the 2010 summer trading range. As you can see from my chart (Daily Chart of eMini SP 500), we had roughly a 100 point summer range.  It is not unusual for trading over the summer months to develop a horizontal range similar to the rectangle in my chart.

With the summer holidays coming to an end and Labour Day just around the corner most traders are back at their desks eager to put on some trades and create some volatility.

 On Friday we saw a dramatic morning reversal where we opened lower put in new lows, only to rally hard in the afternoon and close on the dead highs. Today was the mirror image, we opened and although we didn’t put a new high we did trade higher off the open, and then sold off all afternoon to close on the dead lows.

All of Friday’s gains were essentially negated by today’s action.

The one spot I would like to point out is the lacklustre, low enthusiasm indecision pattern that formed on the Di + / Di – indicator (the accompanying indicator to the ADX). This happens when both the Di+ and the Di- point downwards with roughly the same slope. The interpretation being that there is less strength from both the buyers and the sellers, in other words today’s selloff was less enthusiastic than Fridays rally.

That’s all for today, be sure to keep following the Blog as I post my analysis, thoughts and general comments on the eMini SP and other markets

This viedeo was originally recorded for Infinity Futres and the CME

Yesterday when I thanked Goldman Sachs for re-introducing volatility into our markets, I hinted at the fact that we may be a smidge overbought.

In fact in the chat room I have been talking about a particular price level 980 for some time now.

We have not had a trigger (yet) that would get us swing short looking for that level, but we are getting close.

I’ve done a bit of chart work that you can see from my daily chart of the ES (eMini SP) below.

When I look at longer time frame charts like the daily I must admit that I use some very conventional indicators. Why overcomplicate the matter.

We can see from the chart that we have hardly had any pullbacks to speak of in months. The congestion area of approx 980 to 1120 remains untested.
What is lining up rather nicely is the confluence of indicators at various levels.

Confluence:
1140 area:  prior highs, and 38.2% Fib Retracement and 50 Day MA
1068: 38.2% retracement from July Lows, and 200 Day MA

Indicators:
The DMi+ and DMi- have been diverging from price since mid March
The DMI has not been in a sell mode since March
The RSI has been overbought since March

All indications point to a highly overbought market. It has been this way for some time, and we have yet to get a confirmed trigger on the short side.

With the new recent volatility caused by the S.E.C / Goldman Sachs situation the SP’s have at least broken out of their daily ranges.

The Trade:
For a satisfactory sell signal I would need the market to retest 1184 from beneath it on diverging internals, without those circumstances we continue to wait.
The right trimming combined with a confirmed trade setup is critical; there are potentially 200 points to the downside available let’s not jump the gun by entering without confirmation.

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[MyChart is Below]

Good Trading

Let’s face it did you really think trading / investing was a level playing field?

If you haven’t heard the SEC has accused Goldman Sachs of fraud in the sub-prime mortgage business, I won’t even voice an opinion on the subject… the articles and opinion pieces abound.

I wanted to take this opportunity to say Thank You to Goldman Sachs, and let me explain why.

Trading in the intra-day time frame is my mainstay, and if you look at my charts below they tells a big story.

The RSI has been overbought for months, the MACD has been overbought for months, we are drastically extended from support of our 50 day and 200 day moving averages, and until Friday the ATR had dropped to below 10!

Thank you Goldman Sachs. I’ve said it before… 18 months ago when the mortgage crisis hit, we thanked them for the incredible volatility it brought to the markets.

Today I say Thank You again, for breaking us out of a dry low volatility environment that had many day traders thinking about taking an early summer vacation.

Volatility as every trader knows is critical for making profitable trades. Have a look at the $VIX, which is a measure of implied volatility of the markets.

Once again looking back to when the housing and mortgage crisis began, traders were spoiled with a VIX of  80! While lately we have been dealing with a low reading of 17-20

In the trading chat room things really perked up once the news it the wire. It can literally be exhausting to sit and stare at a market that won’t move… but Friday was back to ‘normal’; the selloff provided TTZ traders with multi point trades to the downside, re-entries on trades and many quick 5×5 scalp opportunities.

I only have Goldman Sachs to thank. 

S.E.C Sues Goldman Sachs,read the New York Times Article