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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Tom Trader who wrote (41034)4/17/2000 12:31:00 AM
From: Patrick Slevin  Read Replies (1) of 44573
 
I'm actually Short from Thursday, but I'm just using Mini Contracts because of my usual reticence for holding overnight.

I decided not to bother trading it, I figure I missed my chance when it hit the 44 or so level. I have set a Buy Stop which will take me out if the market gets Bullish overnight for whatever reason and moves back towards unchanged. If I did not have this appointment early in the morning I suppose I would not be so edgy about it.

But my guess is that if it's going to sail lower then my Stop won't matter. It it creeps up to unchanged I'll re-evaluate it before I head to my appointment and again when I return. If it still looks like a Sell I'll re-enter, if not I'll step aside. If the Open is Bullish I want no part of the Long side. Flat is fine with me.

Been checking out some commentary that hypothesizes this threatens a credit crunch and a derivatives squeeze and so the upshot may "see" the NY Fed stepping up to the plate to stabilize it. I suppose "see" is a bad term, simply because no one ever "sees" anything of the sort, do they?

But, if we are to presume that such a thing is what we shall experience, then I'm still going with the Down then Up scenario. It would make the most sense. A Bullish Open implies to me that traders will use it as a Selling Opportunity so early on, at least, my "BUY" key has been functionally disabled.

Is that the logic behind the raising of margins? Pretty soon there will only be two people trading between themselves in the pit the way this is going. I don't know if I posted this here, but a friend of mine at a big firm had three large clients blow up on him on Friday. I noticed something that Donald posted about some incredible number of margin calls going out tomorrow, but when I asked around about that no one knew anything about it.

Catch up with you tomorrow.
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