2011-03-24

Buy-To-Open 30 contracts Dow30 Futures at 12082.5 (2011-03-24, 03:22 am EST).

Portuguese Prime Minister Jose Socrates has resigned and this brings the country one step closer to an EU-IMF bailout of 50 to 100 billion eurodollars.  I should Long USD hoping for a spike in the USD but I could not decide which currency to Long the Dollar against.  I considered Long USDJPY but could not bring myself to do so.  So instead I pulled the trigger on the Dow Index itself.

This trade could turn around to bite me for New Home Sales were the lowest since the government began keeping data almost a half-century ago, however I have semi-strong reasons to believe the data is incorrect and should be viewed as a lagging indicator.

Dow30 Futures at 12069 (2011-03-24, 03:41 am EST) I am slightly out of the money now.  London will open in 19 mintues (8:00 am GMT or 4:00 am EST) and if is an up day will be in my favour.

I will rest for a few hours and resume trading around 9:00 am EST.

Stay tuned.

Jeff
(2011-03-24, 03:47 am EST)