Day 20 - SGX, TAIEX, SSE, HKEX closed
DOW down 11.8 points and S&P declined 5.35 points. Initially market rose on GM’s better than estimated earnings, higher than expected 1st quarter GDP growth and the FOMC’s statement about the quarter point fed funds rate cut to 2%. Stocks began to decline about half an hour after the FOMC announcement as investors sell into the news. The Federal Reserve indicated that the economic outlook is not as bad and that its rate-cutting campaign could soon take a breather. CME NK (YEN) closed at 13885, from a high of over 14030.
Update ( 2.10 pm ) :
Made the above trades for total profit of 55 points. Still holding 1 long position at 13875.
Considering it’s a slow going trading day, you did considerably well! Tomorrow will be an even better day! Smile!
Nice trading in hard-to-figure out market the Nikkei went completely opposite of what I expected today; I was looking for a weak start, gaining steam as the day went on. I’da lost my shirt today trading futures