<re: watching the S&P's>
OJ, they can give you a good solid leading indicator as to which way the market's heading... but you have to know how to read them. I day-traded the darned things for a year, and picked it up. There are more day-trading seminars available on that, than probably anything else... along with the Bonds, they're one of the most popular, liquid market for the Futures day-traders. But the reason they're such a good leading indicator is, all the index-arbitrage (buy/sell program) guys use them. They literally drag the stocks around by the nose, a lot of time. But there's a lot of excess volatility and noise, it's an "investment" to really learn how to make good use of them. I'd recommend just watching a 3 or 5 min chart for direction, support & resistance for starters. And, the day chart for key levels. You're probably already aware of all that, I post it here more for others that are interested.
The "best interval" (most confident) is 3min or 5min, looking back at whole day's chart (watch 15min too)... too much noise down @1min level.
Regards -Steve |
