Several nice trades early in the day, with the 9:30 move a very nice trade. The rest of the day the market traded in a narrow range and I probably should have stopped, but I was feeling stubborn, eeked out a few gainers and suffered a few losers.
Chart courtesy of AMP Trading, get a free demo account and paper trade.
You can get a demo account, using Ninja Trader and practice to your hearts content at the above referenced link. You should be able to consistently, say five days in a row, post profits before you start trading a live account. Read some of the archives for my particular trading style, or apply a style you have studied to perfect your trading before you go live.
The numbers this morning were not particularly compelling, and after a quick sell off, the market seems to have shrugged the employment figures off as “par for the course.” There was nothing unexpected in the numbers and employment continues to an ongoing problem for the US economy.
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| Highlights There has been very little change in initial jobless claims over the past seven weeks, pointing to little change in payroll losses for tomorrow’s monthly employment report. Initial claims fell 4,000 to 570,000 in the Aug. 29 week (prior week revised 4,000 higher to 574,000). The four-week average is right at the current week, at 571,250. Continuing claims have been generally moving lower since early July, unfortunately reflecting the expiration of benefits and not necessarily new hiring. But in a bad sign, continuing claims rose in data for the Aug. 22 week, up 92,000 to 6.234 million. The unemployment rate rose 1 tenth to 4.7 percent. There was no significant reaction to the report. |
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| Market Consensus Before Announcement Initial jobless claims fell 10,000 in the August 22 week to 570,000. There were no special factors in the week. The four-week average was steady at 566,250. Continuing claims fell 119,000 to 6.133 million. |
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| Definition New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smoothes out weekly volatility |
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| ESU9 For 09/03/2009  |
How To Use |
| Symbol | R1 | R2 | Pivot | S1 | S2 | |
| ESU9 | 999.83 | 1005.42 | 995.42 | 989.83 | 985.42 | |
![[Report]](http://mam.econoday.com/images/mam/byconsensus_butt.gif)
![[djStar]](http://mam.econoday.com/images/mam/djstar.gif)
8:30 AM ET
9:00 AM ET9:00 AM ET10:00 AM ET10:30 AM ET11:00 AM ET11:00 AM ET11:00 AM ET11:00 AM ET4:30 PM ET4:30 PM ETIf you have read my blog for any period of time you know that I stress training and reading to develop a solid foundation for your trading. While I may be a little overboard in my non-stop reading, my general observation is that most novice traders, and no small amount mildly experienced traders have learned to trade some, but lack the requisite foundation to be a super trader.
Note: I do not consider myself anywhere near a supertrader, just very experienced.
Anyway, INO-TV offers a free, I SAID FREE, set of videos for you to watch, and they are just excellent. I seem to absorb information very readily from videos and these videos are packed with information.
Check out the videos, it will be some of the best money you didn’t spend.
A nice day of trading though there were some very choppy periods. No big gainers until the end of the day…most of it was 10 point stuff, especially later as the range narrowed. Had a couple of losers on trades that didn’t really develop.
I was stunned to see that GM and Chrysler still were unable to increase their sales, even though the cash for clunkers and rebates made for some incredible prices for potential consumers. Toyota won the cash for clunkers derby going away. No surprise there.
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![[Report]](http://mam.econoday.com/images/mam/byreport_butt_new.gif)
