Which Way Wednesday Waiting On The Fed

Waiting to cut out the deadwood

To strengthen the strain

Waiting to follow the worms – Floyd 

Now comes the fun part of the week!  

I told you Monday’s drop would be meaningless and we had a full reversal yesterday and now we’re right back where we finished on Friday, which isn’t really such a good place, barely holding that weak-bounce 1,900 line on the S&P but at least it is holding and our Futures plays from yesterday morning put us in fantastic shape for today as my morning note to our Members was:

Futures – I like TF on a cross over 1,000 with tight stops but not too excited about anything else.

Oh, sorry, NQ over 4,200 would work too or NKD over 16,900.

/TF is the Russell 2,000 Futures and they popped up to 1,015 which may not seem like much but they pay $100 per point, per contract so +$1,500 on those and this morning we went long at 1,005 (since we didn’t think we’d get back to 1,000 pre-market) and we’ll see how that goes but already we’re up $350 per contract at 1,008.50 and we set a stop at 1,007.50 to lock in $250 and, once again, the Egg McMuffins are paid for!  

The Nasdaq (NQ) made it to 4,240 but that’s a dull $400 per contract gain while the real show was the Nikkei (NKD), which jumped to 17,200 for a lovely $1,500 per contract gain.  All in a day’s work at Philstockworld and today we will have a LIVE Trading Webinar at 1pm (Members only – join HERE) – right into the Fed Release at 2pm so we’ll hopefully be able to make some intelligent trades to take advantage of whatever comes our way this afternoon.

In last week’s Webinar (replay available here), at 00:48:15, we went over the trade idea similar to the one in the Options Opportunity Portfolio at SA which was: