The NDX 100 opened approximately 10 points higher only to trade down into negative territory before it gained strength and rallied to close 0.61% positive. We still believe that it is best to short on spikes. Our strategy worked beautifully in the morning but towards the end we returned some profits but managed to close positive. On the economic front Consumer Sentiment came a little under consensus (nothing to be concerned about) and PPI came above expectation meaning the economy might be showing some sign of inflation (to early to tell). Bloomberg mentioned that “Philly Fed President Charles Plosser expanded on the hawk view within the Fed. He stated that he favored ending asset purchases by the end of 2013. In contrast to comments by Chairman Bernanke, he said that the 6.5 percent unemployment rate and 2.5 percent expected inflation should be triggers instead of thresholds.” We will have to wait and see…….
Today´s Profit USD 135 (Portfolio Size: USD 25,000)
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In August we will start placing our trades real-time on Twitter @NDXTrading
- Inflation Forecasts Give Fed Room to Trim Purchases: Economy – Bloomberg (bloomberg.com)
- Consumer Sentiment in US Unexpectedly Declined in July – Bloomberg (bloomberg.com)