What a range on the ES!!!

Problem is that the moves are so boring and slow.. u start wondering where all the futures traders have gone.

Also.. all I hear on the news is a bunch of bullshit. They all say everyone is waiting for tomorrow unemployment. Makes sense.. but unemployment is really a lagging indicator.. and there will probably be no major surprises anyway. Looks like we will get "moderate" job growth.

Just turn on CNBC and you will hear 2 things. Martha Stewart & Disney. I mean c'mon who gives a shit about Eisner so much. Disney is the most boring stock in the world... and what difference does it make if they get rid of their CEO or change their Chairman. I only watch CNBC Europe... they rule.


--MIKE

 

Yup.
It's either that or they have to turn off their programming.
'Probably about time, anyway.

 

Check out the ranges on the Euro guys. Need to go where the action is.

 

No you dont. The best traders stick with what they know. Hoping around to the hottest thing is a losers game.

Professional equity futures traders just have to be patient and wait for the "break".


--MIKE

 

Funny, because the charts scale the data, in this low volatility environment when I see a breakout on the intraday chart like yesterday I'm thinking - Yea baby, pachinko! ......... and then I look at my P&L and see I made a grand total of 2 points (es).

You used to have 5-minute flags pulling in 10 points, now you have daily flags doing that. All things will pass.

 

Of course you have to know what your doing! Why limit yourself to one market?

 

Some interesting stats, the ATR for 10 minutes in ES is 1.65 and for 20 mins it is 2.26. I guess to need to give your trades alot of time to work out.

 

As I said yesterday when the 1.3 Billion shares actually FELT like 1.2 million on the NYSE, the market is simply waiting for:

1.) Intel's Mid-Quarter Update, which is obviously very important to the chip and tech sector since many of these stocks have had several consecutive declining weeks.

And . . .

2.) The Unemployment Report.

No big institution or fund is gonna commit new funds until they see the above data. A lot of daytraders seem to forget, not everyone is a scalper or daytrader --- especially not in the Fund community. Thus, they can afford to wait.

 

Obviously.

nitro

 

ive been tracking the range on the emini s&p and it has been slowly going down since back to 2002. i keep track of a moving averages of ranges x days back and we are hovering around 10 plus or minus 1 point and back in december 2003 it got below 10. im a system trader and this is horrible and boring for my system.