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<ul><li>Thursday begins the S&P 500 futures rollover when traders switch from September (the current contract) to the next contract month, which is December. Stock futures trade quarterly. </li></ul><ul><li>Please switch all of your charts before the open! </li></ul>
<ul><li>Rollover is normally an unfriendly trading environment because traders gradually switch from one quarterly contract to the next. With volume spread between two contracts, we often see small choppy ranges. However, we are not in normal times. </li></ul>
<ul><li>The current times are all about financial central planning, mad-Keynesian spending plans, bailouts, currency rigging, etc. And since there is currently a little of all of the aforementioned on tap, the market may indeed be active during this roll. </li></ul>
<ul><li> However, Larry Levin said that: “In my opinion, I would expect that later in the roll and not necessarily Thursday”. The S&P has just put in a massive 5.5% gain, from Tuesday’s low. Yes, 5.5% in essentially a few hours! And what caused it? </li></ul>
<ul><li>More of the nonsense mentioned above: more bailouts from Europe on tap thanks to the German high court, QE3 coming, and more “porkulus” spending to be announced in president Obama’s speech Thursday evening. Anything but a free market. </li></ul>
<ul><li>Because of the massive 2-day rally, the speech and the rollover, Thursday’s trade could be a slow inside day. </li></ul>
<ul><li>Trade well and follow the trend, not the so-called “experts.” </li></ul><ul><li>Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banksters. </li></ul>