The S&P 500 Emini Futures along with most other markets gapped open lower on the Globex open Sunday night. As the Asian markets unfolded the sell-off abated. As London opened it was a steady move higher with the Euro 6E leading the way. After a bullish open on Wall Street it all unravelled rather quickly, only to put in a somewhat modest rally attempt into the close.
The good news is this - We spent most of last week stuck inside a 7 (seven) point range on the S&P 500 Emini Futures. Today in 2 hours the market managed to move 13 points during the U.S. session. As we wrote last week, when the river is flowing, Emini Futures Traders are happy campers.
Based on the low volatility last week, we posted a few charts from Friday's session that highlighted examples of how one just might eek out a living inside a 7 point range. Even though the range practically doubled today, we decided to continue with the theme.
The Emini Charts below are all from today's Wall Street Session.
Is it possible to Trade Naked on Globex?
Let's find out...
These are not cherry picked trades from our Live Emini Trading Room. They represent every trade opportunity presented today with the exception of one that was stopped out for 2 points. Remember what I wrote on Friday - the key to using this setup successfully is in knowing when it's hot... and when it's not.
We will discuss the temperature this Thursday night @ 9PM EST in the Partner's Meeting.
Emini Podcast for Monday 01/23/12