Bill Cara’s Blog for Jan 19, 2012
CTA Trading Desk Morning Report
[8:32am ET] Good morning, Geoff here.
Yesterday, the S&P 500 broke out to new 3 month highs. I mentioned that if that happened, that we would begin removing the hedge that we had started to put on. We had hedged 12% of the portfolio and took off half yesterday in the last hour when it was clear that the close was going to be strong. If this break-out fails, we will look at new hedges or taking some gains.
I wrote in yesterday morning’s blog chat to watch FCX for a breakout. Bill had mentioned the stock in the Week in Review as being a long candidate. We were already long the stock and added to it shortly after posting the chat note at $43.35. Subsequently, the stock rallied roughly to the 200 dma, found resisitance and closed at $44.47. We shall see how it trades around that natural resistance/support, but it looks to be a pretty good trade right now.
CPI, Housing Starts, Building Permits and Jobless Claims were just released and S&P futures are flat to up a little. Let’s see how the market trades by mid-morning on those numbers. I will be checking in later.
Have a great trading day!
Here are the 7:00am ET snapshots of the latest equity market trading results for Europe, and futures prices plus 5-minute charts of the futures for S&P 500, 30-year US Treasury Bond, US Dollar index, Gold and Crude Oil.
|Symbol||Name||Last Trade||Change||Related Info|
||20.00 (1.03%)||Components, Chart, More|
||14.32 (0.66%)||Components, Chart, More|
||26.82 (0.82%)||Components, Chart, More|
||14.83 (0.23%)||Components, Chart, More|
||1.73 (0.55%)||Components, Chart, More|
|^OSEAX||OSE All Share||451.14
||0.03 (0.01%)||Components, Chart, More|
||1.68 (0.52%)||Components, Chart, More|
||33.50 (0.55%)||Components, Chart, More|
||16.75 (0.29%)||Components, Chart, More|
||11.80 (1.31%)||Chart, More|
||8.65 (1.03%)||Components, Chart, More|
||1.69 (0.11%)||Chart, More|
|GD.AT||Athex Composite Share Price Index||686.23
||16.20 (2.42%)||Chart, More|
The team will check in during the day, reporting in the Discourse when there is a new entry.
Enjoy your day.
Cara on Trends & Cycles
Vad’s Catch of the Day
Kaimu’s Sound Money
CTA Trading Desk Mid-Day Report
CTA Trading Desk Post-Close Report