last trading day for 2009, page-8

M'kay...

Being a bit of a fan of Newry2, with respect both for his sytem that he has been kind enough to mention here (search for "living on day trading the index" for an intro), and the fact that he is a farmer in Gippsland (ex Gippsland boy myself, though far East Gippsland... think Swifts Creek and go into the mountains a bit :))... I am going to have a more concerted crack at clalling the initial movement or less risk direction for a morning trade on IG's equivalent of the spi...

Information for the trade:

Newry2 based info...
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Overnight Momentum... Up... Gain of 23 points since sycom (Night futures market) open.

Closing Price of Rio and BHP in US
Relevance... two heavyweight miners specifically with BHP being a large portion of our index...

Rio... Up 1.143 percent
BHP... Up .62 %

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Winkinatcha "refinements"

Base metals and US financials... reason... miners and financials are the biggest weighted part of our XJO index.

Copper... (and base metals - Lead, Zinc, Aluminium ... Link http://www.kitcometals.com/)...Up...

US Financials (based on DowJones US Financial ETF...
(Link http://www.google.com/finance?q=NYSE:IYF)

Up (only just on yesterday, but complete retrace of all losses at start of US trading day and momentum to the upside)

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Thus... Our o'night futures was a buy at 4855 (IG)

Stop would be at 4825 (30 points as per Newry2)

Initial Target 64 as per discussion with volt yesterday afternoon re fib levels and MACD targetting stuff.

;)