Oil Prices down, Initial Claims Down, Gap down, market up --> $710 profits
5 minutes Nasdaq Emini Candlestick chart
Hi,
Just when you think market is going down or ranging... something happens and its up again.. while in our case, its lower oil prices, lower initial claims,,, etc.. what have you... yup lots of fundamentals to analyse..
But, look here, today's trade is SIMPLE! bottomline --> its an uptrend for the past few days --> only think about long trades.
Today's market opened with a gap down.. and you see prices bouncing off the 1800 support, this is a good sign, meaning we should go long. I longed 1 contract at 1803, at the same time, you can see stochastics flicking up from the oversold region... then price pulled back and I entered another 2 contracts at 1807.5.... My profit target? simple, yesterday's high at 1818.... at 10:45, my target was hit and I am out with $710 profits...
Fundamentals from Briefing.com:
Highlights
Initial claims fell -26K to 299K in the week of Jan 6.
Continued claims fell -3K to 2.4128 mln in the week of Dec 30.
Key Factors
Initial claims fall to the lowest level since mid-July.
4-week average of 315K is back in the range seen from June through early November.
Continued claims is at a 3 month low.
Leaves 4 week average 75K above mid-May's 5 year low.
Claims continue to reflect a tight labor market.
Big Picture
Initial claims broke above the remarkably tight range held in the 4-week average for 5 months but have returned after the holiday spike. Continued claims showed a five year low in the 4-week average in mid May and now stand 75K higher. The continued low levels reflect the thin available labor supply which make a qualified hire difficult to find and therefore leaving less layoffs. A good read on the labor market as net hiring slows with the economy.