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Manic Monday Market Movement – A Reset For Oil?

Monday, October 10, 2016 6:45
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(Before It's News)

We had a great weekend, how was yours?

There's nothing like making $1,000 per contract trading Futures to get a weekend off to a good start so forgive us if we're still in vacation mode.  As you can see on the chart, the trade we went over Friday morning, in the morning post (which you can't possibly afford to have sent to you every day pre-market but can often be seen for free once the market opens),  made a very quick $1,000 on each short contract and went on to add another $300 after hours for those who stuck with it.  

We also called for shorts on the Indexes, saying:

The initial move by the market was a quick pop but it's a shortable pop at Dow 18,200 (/YM), S&P 2,155 (/ES), Nasdaq 4,875 (/NQ), Russell 1,250 (/TF) and Nikkei 16,900 (/NKD) which are the same lines we've been shorting all week because this is the kind of bad news that really is bad news as our economy is stalling while the Fed has their foot firmly on the gas and they've already warned us they are going to have to hit the brakes because the road (and yields) are about to curve ahead.  

The Dow fell to 18,100 for gains of $500 per contract, the S&P hit 2,140 for gains of $750 per contract, the Nasdaq hit 4,840 for gains of $700 per contract, the Russell hit 1,230 for gains of $2,000 per contract and the Nikkie dropped to 16,800 for gains of $500 per contract and that is why we LOVE playing the Russell – so much more exciting!

All told, the 6 Futures trades we specified FOR FREE in last Friday's morning post, if you played just one contract each, made $5,450 and THAT is how we get our weekend off to a good start.  As I'm sure you've noticed, both oil and the indexes are in the process of resetting themselves this morning and we are salivating over the chance to dive in and short them again because nothing has changed over the weekend – the market manipulators are just taking advantage of the slow Columbus Day trading – a bank holiday in the US.  

Speaking of manipulation, OPEC is…

Provided courtesy of Phil’s Stock World.

To read the rest of this article now, along with Phil’s live intra-day comments, live trading ideas, Phil’s market calls, additional member comments, and other members-only features – Come to the winning side at Phil’s Stock World by clicking here.

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