Tuesday, July 20, 2010

Trade 354: asx200 short

Global themes indicate risk off, gold off, oil off, sp500 futures stalling.

Overnight's 0.6% rebound is anaemic and IBM has lower revenue forecasts in the coming qtr - this seems to be a trend with the major US stocks all coming in with good earnings, but revenue forecasts being the main headwind for upside in price movements.

Started off with the miners and banks spiking a slight amount, but there is a trading channel that may hold for the day @ 4365 - this is where I shorted 5 contracts.

Looking for a low range day, and exit of 15 points is the target (4350), with a 10 point stop (4375).