emini trading chart ESU9 for 7-16-09

Charts courtesy of AMP Trading, get a free demo account and paper trade

Very enjoyable day to trade on the es dow emini, especially the afternoon session, which proved to be profitable.  There is no better feeling that being on the right side of a long protracted trade.  The morning was a little choppy and I eeked out a few decent trades, and a loser, but the action was fast and interesting.

I was paying fair close attention to the divergence line on the MACD as the market wanted to change directions early on, and I hate to overstay my welcome in a trade because it usually spells bad news, so I was a little slow to get in and quick to get out, when possible.

There were a variety of banking and financial concerns buffeting the market today, and I had to focus on the chart and ignore all the news.  Seems the banks we bailed out are making money hand over fist again,  hmmm….imagine that.  My Dad always reminded me, “your banker is not your friend”…truer words have never been spoken.  Apologies to any bankers who are offended, but I’ll stick with my old dad on this one.

CIT appears headed for bankruptcy, and this had the market riled up all morning.  JP Morgan Chase posted nice profits, with CITI and the rest of the banking cabal reporting earnings tomorrow.  Probably make for an interesting day…just remember, trade the chart, not the news or the economy.

Go Cubs!  We need a good second half of the season.  I guess I let the cat out of the bag, I am an inveterate Cubs fan.