Your Personal Trader - Journal 2012

The U.S market got a blessing this morning as Europe decided to play catch up on Tuesday afternoons random speculation. The DJ Euro Stoxx was down nearly 3% after what was an uneventful overnight. Only possible driver was the U.S market fall off those Greek comments (prepping for exit) and all publications running this as the ‘story’. Only thing for ES futures to do was fall alongside Europe and follow it into their ugly close. The blessing is this put the U.S market back at oversold conditions at SP 1296 on nothing new and allowed for that ‘ squeezy’ feeling to commence once again.

The mid- day boxscore might have looked ugly with DJIA off ~180pts, SP off `~20 handles at lows, but the selling pressure was not panicked. (Decided to take a snapshot of theShadowlist (attached) at about 10:30am to show this,( Dow off 150, SP at 1300). Eventual turn into a 25 handle move was possible due to what was evident in the list). There was no sign of single stock sell offs, thus no panic and only indication of mostly fast traders driving the ES/SP /ETF’s.

“Squeezes will occur regularly ..”…All it took was ‘fresh’ random leader quotes, speculation and Monday’s squeeze would be here again and that’s pretty well what happened as headlines began to cross. Of course as soon as leaders began arriving in their shiny limos in Brussels for tonight’s 6 hr dinner(summit) the flow began. All in, the chances of anything being cooked up for leftovers tomorrow is slim (market is well aware no decisions will be made). Some groundwork being made for late June’s meet up is likely the only bit to come out.

The trading action today will bring in some speculation that a re-test of the bottom occurred therefore a bottom could be in place. In this view, it may good enough to get near SP 1240 in the short term (up to June 17) … “Still, there is room to run in the days ahead as long as SP ~1310 holds (23-05)…but to speculate it’s a bottom is way off with Greece in limbo. Also , as unimpressive the sell -off looked, the reversal wasn’t all that impressive either.

24/05, Global Flash PMI’s , Incl. U.S, I.Claims #

Update on Thursday, May 24, 2012 at 08:50AM by

Demi/ YourPersonalTrader

.A.M update

Signs market may have legs to resistance area ~SP1340 evident this morning. Rather than being down on a plethora of what would usually be negatives, it’s slightly positive and continuing yesterday’s squeeze. (Dismal European PMI’s, NTAP guidance following CTSH, DELL, CSCO, show macro worries hitting tech corporates, TIF earnings, no surprises from summit, yet market isn’t no selling off the previous days late advances, U.S eco’ data inconclusive at best. All of that, but market is looking at the possibility of ECB implementing liquidity measures instead (at June/or July meeting).

This is a gear shift to look on the bright side of possible European responses than only looking at what if Greece exits as has been the case of late. Now, question is if more press on Greece exits hits, will market ignore?. If so, sentiment shift is o