I'm participating in the Live Trading Challenge this morning.
After giving a 4-hour seminar yesterday morning, today I'm going head to head with other speakers to see who can make the most money in one hour of trading. If you lose $10,000 you're out but, other than that, there aren't too many rules. I know I can lose $10,000, it's the random hour thing that bothers me.
As you know, though we do like to have fun playing the Futures, I'm a long-term Fundamental Investor at heart and the most important thing I teach people about day-trading, especially the Futures – is knowing when not to play. We like to see a good set-up and have news AND strong resistance lines to back up our play and, when we have them, I call them out – but certainly not on demand on 10:30 on a Monday morning – so we'll see how it goes.
As I will be the sole Fundamentalist, I'm intending to grab stocks that are likely to move in the morning so, looking at the morning's news, we have:
- No medals for NBC's Olympic ratings (CMCSA)
- Record weekend for 'Black Panther' (DIS, IMAX)
- Morgan Stanley gets bullish on bonds (Idiots)
- GE to restate two years of earnings (Yikes!)
Overriding all that is the Fed's Bullard speaking at 8:30 and he has been reliably doveish recently, boosting the markets but the Futures are already up 166 points on the Dow 25,500 with the S&P (/ES) testing 2,760 and Russell (/TF) is back at our shorting line at 1,555 so I'll be a lot happier shorting than going long – but who knows where we'll be at 9:30 (3 hours from now)?
On the earnings, none of those companies really interest me but we'll still see if there's some kind of overreaction we can play against. I heard a good rumor that Liquid Metal (LQMT) is going to be working with Apple (AAPL) on an IWatch, which would be and incredible boost for a penny stock we already love (my kids own 10,000 shares each at 0.13), so I might add some of those if they aren't too high at the bell.
IN PROGRESS
