Bill Cara’s Blog for Sep 13, 2012
CTA Trading Desk Morning Report
[7:00am ET] Good morning, Geoff here.
It’s Fed day so we will get the much anticipated announcement out of the way.
While we wait, I want to show you another example of how fibonacci retracement levels can serve as price targets and future pivot points.
I posted this chart on June 29, 2012 on APA with expectations noted:
Here is the current chart for APA with new annotations:
Should the market move higher today, APA will first find resistance at the 200 dma, but if it clears that level, the next target is the 50% retracement. Both those targets may get hit which will close the two gaps that occurred at the beginning of May.
The iPhone 5 was released yesterday to much fanfare. We are long AAPL, but the new iPhone didn’t blow me away.
I don’t have much more to say prior to the Fed announcement at 12:30 pm. I wouldn’t be surprised if the market popped and then dropped as so many other “sell the news” events have done before so be careful of your stop levels, the bar today may be quite wide.
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|
||14.16 (0.66%)||Components, Chart, More|
||11.00 (0.45%)||Components, Chart, More|
||25.23 (0.71%)||Components, Chart, More|
||27.61 (0.38%)||Components, Chart, More|
||1.59 (0.47%)||Components, Chart, More|
|^OSEAX||OSE All Share||496.38
||0.12 (0.02%)||Components, Chart, More|
||0.93 (0.28%)||Components, Chart, More|
||8.39 (0.13%)||Components, Chart, More|
||2.27 (0.04%)||Components, Chart, More|
||7.70 (0.80%)||Chart, More|
||6.91 (0.47%)||Chart, More|
|GD.AT||Athex Composite Share Price Index||770.90
||0.37 (0.05%)||Chart, More|
The team will check in during the day, reporting in the Discourse when there is a new entry.
Enjoy your day.