Did You Get This Letter Too?

In terms of trades, it was not too bad, although yet again, one trade spoiled the party, and ironically it was long in Newmont (NEM | Quote | Chart | News | PowerRating). The other trades were a nice Fade the Gap on Nokia (NOK | Quote | Chart | News | PowerRating) and a short sale in Citigroup (C | Quote | Chart | News | PowerRating).

The trade which continues to be the real producer is the long Euro (EUR) trade from last Friday, although I am beginning to see some signs of fatigue. This was one of those FX trades that was based more on technicals than fundamentals, as a result I must respect some key levels in here. The 60 and 120-minute charts are hitting some resistance and the oscillators are overbought. This may require scaling out of half. The other half's exit point will be determined if the EUR breaks 1.1181. Either way, it will protect a nice profit from an entry point of 1.0989.

A trade to keep an eye on for a longer term-long is the Swiss Franc (USD/CHF). The weekly chart is forming a nice continuation pattern after a recent sell-off and looks poised for a move to 134 or even better.

A couple of big economic numbers out tomorrow will likely put the brakes on the afternoon session (can it really get quieter?). So make your moves early and be selective afterward.

I received this email from my clearing firm yesterday afternoon. While there is not much one can do, it is one more burden that traders must shoulder:

Dear Trader,

The NASD has implemented a fee that goes into effect immediately: the Trader Activity Fee (TAF) is $0.0001 per share on the sell side (or $100 / 1,000,000 shares sold).

Oh well.

Dave Floyd