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The following is a sample of the daily research provided by TradeMaven Inside Edge mentor Charles Cochran:
What a day…Bonds are boring…not lately. Lots of opportunity, but commensurate risk too. Pays to be on right side..pays to have risk buttoned up too. Got the auction scenario and levels for sell right today. Covered our shorts way too early. Such is life. Met business plan easily and as for other…would rather not talk about it. The 30 Y auction was weak and we could see it as we moved into the auction window. No lift, no buying. And just at auction time the Fed’s Dallas Governor, Fisher said that inflation was the concern and that the Fed shouldn’t cut rates again. That double punch too the Bond to 117-01 before its close at 117-18. Those that missed the sell today, should be looking for a place to hit the bids tonight.
F1 Comments: The market’s bias has changed to downtrend from trading range. The Bond moves in 3-5 points. Think the market will find sellers on rallies.
F2 Comments: The analysis was to be a seller into the 20Y auction at 119-27/31. The day’s high was 119-30. Recommended covering at 119-13/17. No comments please. The idea that it was easier to attract buyers of the auction through lower prices held true. And the fact that they weren’t attracting buyers set the stage for a hedge at auction time. The hedge was established and the market hit 117-01 before the selling was over. Think we will have a shot at a short one time tomorrow. If 117-01 holds, then EOW short covering is likely. See two sell zones at 117/27 OB and then 118-03 OB. If 117-01/06 holds, will cover. If 117-01/06 does hold, OK to play from the long side in anticipation of EOW short covering.
F4 Comments: Analysis was to sell 119-27 OB. Multiple selling opportunities throughout the session.Upcoming Reports:
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