Existing Home Sales Fall for 4th Month, Sochastics down, Macd down --> $820 profits
5 min Emini Nasdaq 100
Hi,
Today the market gapped up by around 2 points... The piece of news that everybody's waiting for is obviously Existing Home sales at 10:00... But even before 10 am.. price was showing signs that it might break down..
1st.
Price rebounded from the moving averages.
2nd
Stochastics turned down from the overbought region.
3rd
Short-term MACD cut the zeroline, confirming our trade...
The trade is simple,,, I shorted 1 contract at 2030 and another 2 more contracts at 2028 when Short-term MACD seemed like crossing the zeroline.. I held it all the way till stochastics started to show signs of turning up and exited at 2015.. profits of $820.
Fundamentals:
Sales of existing homes fell in June for a fourth consecutive month, further evidence that housing troubles are far from over. The National Association of Realtors reported Wednesday that sales of existing homes dropped by 3.8 percent in June to a seasonally adjusted annual rate of 5.75 million units.
Sales of existing homes fell in June for a fourth consecutive month, further evidence that housing troubles are far from over. The National Association of Realtors reported Wednesday that sales of existing homes dropped by 3.8 percent in June to a seasonally adjusted annual rate of 5.75 million units.