what the, so many newbie program traders, please read the fed statement first before executing a trade. You miss one statement,and your whole thesis for buy when alan is gone trade thesis is gone.....man!!!! stupid newbies.
Em, Fed statements have little to do with the market action. Watch price, Reading fed statements is like using a map to find your neighborhood grocery 2 blocks away when all you need to do is look ahead.
look at the action, you had traders immediately alittle bit before and after the news of rate increase buying, they assume nothing changed with the statement, but then somebody started to read the statement, it was changed alluding to more increases, rather non as people assumed. So they start dumping like crazy, at market.
I don't know what your issue is? I bought SPY the second the first headline hit on Bloomberg...sold them 30 seconds later for a nice profit. Then when the statements started hitting the newswires, it was easy to get shorts off at great prices (which for some reason, I didn't do). Why read the whole text when the news services do it for you? Just trade.
Yes somebody went on the wrong side of the trade and is blaming the unfamous "newbies" for being stopped out, I guess. I am not sure that it was not a planned fake break up to attract buyers and then sell quickly. In any case, taking full responsibility for what happens to our trade is the only way to go.
lol well it bumped me out of hov short....I was short at 48.92 and I was bumped out at 48.47....b/c the nas and dow started rocketing, I thought it was some word change towards no more hikes, but it was the reverse.
Every Fed meeting, we envelope layers on e's...today, sold at 1286.50, 1287., 1287.50....covered at 1284.5, 1284, and 1283.5 works like a charm. lRemember, we don't care "what" was said, we just look for the short term volatility...this has a great success rate .... "coulda" made more, but not bad for 4 minutes work. Don