Free Money --- Consumer Confidence report EQUALS $630
From Briefing.com:
Indices spike lower and now trade at their lowest levels of the morning, trading in sympathy with a sell-off in the Treasury market following economic data. While an unexpected rise in April Consumer Confidence to 109.6 -- the highest level since May 2002, and an unforeseen 0.3% rise in March existing home sales to 6.92 mln typically bode well for the equity markets, stronger than expected data lately have fueled concerns that the Fed will remain inclined to stay on its tightening path.
Hi,
Consumer Confidence report was released at 10:00am. If you know what that means, it means literally free money if you know how to trade it. I had my CNBC turned on and basically figures were better than expected. Read the briefing.com comment above, even home sales figures rose 0.3%. So what's the big deal about this? Economy is doing well. But thats the long term perspective and as daytraders we don't want to cloud our judgement because of some fundamental economic news. Price reacted almost immediately to the consumer confidence report release. Sharp 2 point down candlesticks in the 1 min chart is almost like yelling to you, "SHORT ME!". It's really quite obvious. I shorted one contract at 1718 and another three contracts at 1716. The difficult part is where to set the profit target. Remember the double bottom yesterday? It makes sense to set your profit target near the support line of the double bottom. I set it at 1708.5. The trade lasted less than 30 minutes with $630 profits.