The Understatement Of The Year?

  • October 4, 2002
  • Don Miller

The S&P
and Nasdaq E-Minis are near their intraday lows as we approach midday,
after having spent much of the early
session in a freefall continuation of their respective hourly downtrends. To say
the morning gap — courtesy of employment data and the accompanying restatements
— was a gift of a pullback to nicely angled hourly short supports is perhaps
the understatement of the year.
E-Mini course
students had their pick of continuation triggers on the lesser timeframes to put
themselves in a position to consider closing shop up early on this Friday.

All key intraday trends remain down as we go to press, which are of course
aligned with their daily, weekly and monthly cousins.  A bit surprising — and
perhaps discouraging for the bulls — is the lack of much VIX.X movement which
has only inched up despite the morning plummet in the indices. 

Technology has been a bit stronger with three of the top five Nasdaq stocks (
(
MSFT |
Quote |
Chart |
News |
PowerRating),
(
INTC |
Quote |
Chart |
News |
PowerRating) and
(
QCOM |
Quote |
Chart |
News |
PowerRating)) actually green on the day, although that may be
analogous to saying the Red Sox finished a valiant third in the recent wild card
race.

Suffice it to say the 13- and 60-minute trends remain in control until broken,
keeping in mind the reward/risk ratio on trend continuations will decrease, the
further we drop.

ES (S&P)          
Friday October 4, 2002  11:30 A.M. ET            NQ
(Nasdaq)


Moving Avg Legend:
5MA
15MA 60-Min 15MA

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Charts ©
2002 Quote LLC

From the
E-Mini
Mailbag

Don.  I
purchased the NQ E-Mini upgrade last night and promptly made $640, net, today
trading in the first 45 minutes of trading. Since I had been trading the
E-Mini’s for a while, a lot of the introductory data was more of a review and I
was able to concentrate a lot on the simulator and strategies. The simulator
reminded me of the discipline I need to maintain in identifying, entering and
exiting trades and I credit the course directly for providing me with an
immediate boost to my trading income, not to mention more than covering the cost
of the course! My many thanks again for an outstanding product.  R.F.

Good Trading
and Have a Great Weekend!


Don Miller

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