Playing with three contracts at a time, MNQ has made me over $500 today, all but one trade were on the long side. Looks good for continued upward trend tomorrow. I think it will see 13650 before it drops again. Who knows? Might see 14k in a couple of days, though I won't be holding my breath. I am actually kinda doubtful because the dimwitcrats seem to be doing their best to ruin the small investor/trader. The market just won't let it happen? Anyway today had plenty of bullish action from about 0900 central time. Don't paint yourself into the bear corner just yet. The trend is your friend.
I have to go with the numbers. (By the way, I don't have enough money to day trade stocks or futures.) Though I admit that the last time I saw "confirmation" that the que's had turned bearish (back in March?) I tried shorting it and had to get out like four or five days later. So, before I try shorting the Nasdaq again (it only needs to climb a penny before being back in bullish territory by my math) I'm waiting until I get "confirmation" of bearish markets in both the Dow and the S&P 500 as well, which is not even close to happening as of yet. (Because it's true that the trend is your friend...until it's not.)
Well, most brokers will let you take one contract of MNQ with a margin of less than $2k during regular trading hours. Just sayin. If you pick your entries carefully and use your stop intelligently it's possible to work the chop, scalping the reversals on the one or five minute chart. Every point of MNQ is two bucks. If your account is really small then you need to be careful with that kind of leverage but hey, catch a quick 100 point move with just one contract and that's a $200 win. A 10 point move, that's a Jackson for maybe sometimes 60 seconds work. Stop out 5 points down and that's a $10 loss. As long as you get the win often enough to pay for the small losses and you stick to whatever plan you make and never freestyle it, you can grind out a living with a fairly small account. The nice thing about these micro eminis is you can trade them almost around the clock and you never know when there is gonna be action. You might wake up to take a piss and see that the thing is bouncing off both the 5 minute and the 1 hour lower bollingers, and play with it for 10 minutes or so and make a little chimp change. Maybe throw a trailing stop under it and go back to bed! If you have a day job, you come home, have supper, fix a drink, and relax in front of the trading station, no particular start time, and wait for a nice entry signal. Okay i don't want to sell this too hard in case you catch a few bad trades in a row on it, cause it does happen. But with a small account to play with, I really like the micros.
GVSI Good Vibrations Shoes Inc. does not have signification operations. It intends to offers business consulting services or to merge in substantial businesses. Previously, the company, through its subsidiary, Long Beard Brewing Company, operated craft or micro brewery in Long Island, New York. The company is based in Merritt Island, Florida. GOFF Goff, Corp. is an exploration stage mining company, which through its subsidiary engages in exploration and mining of mineral properties primarily gold. The company, through its subsidiary, explores La Frontera Gold Project located in Caldas, Colombia with a focus on gold and silver production. Goff, Corp. was incorporated in 2010 and is based in Medellin, Colombia.
I wouldn't quite call the S&P 500 bearish as of yet, but to me, it is beginning to show signs of weakness.
I'll be watching the major U.S. indices over the next week or two to determine if this is a great opportunity to buy, or if I instead get confirmation of a new bearish sentiment.
I think I'm going to try unloading all my shares of Goff Corporation first thing on Monday before it loses all its value. Because it's a penny stock, E*Trade charged me an arm and a leg to acquire it instead of letting me buy it for free, so that my total gain is only 108% instead of 305%.