Weekly Market Summary For Week Ending 8-4-06
By Al Martin
Last week’s trading summary (July 31 - Aug 4, 2006):
On the week, we traded a total of 54 positions, comprising 193 lots, generating an aggregate gross profit of $20,325.; median margin commitment: $32,445; net profit/loss carryforward: - $5,230.
SPX: The index mounted persistent rally efforts throughout the week, being first turned back at the 1280 resistance level, then being turned back in the 1284/86 old floor resistance zone, and finally being turned back at the 1291/93 old floor resistance level, presenting 3 key day shorting opportunities on the week, with the index exiting the week little changed, at 1279.36, up .81, week over week, signaling a continuing failure to establish a weekly close above 1280 on continuing rally failures, as market fundamentals continued to deteriorate, with last week’s 8 ECR’s showing 5 equity-market bearish, 1 neutral & 2 bullish, as market internals continued to deteriorate relative to price action.
USU: Superb 2-way scalping action, as the contract marched higher on the back of overall weaker ECR’s. Watch the coming week’s ECR’s for continued trading points, as well as the $44 bil. quarterly refunding. Those subscribers actively day-trading the bonds should e-mail us for our up-to-the-minute recommendations.
DXU: Superb 2-way scalping opportunities, with a tasty end-of-week short-scalp at 85.00, in early Friday trade, with all eyes focused on Tuesday’s FOMC, the results of which will likely create a 100-basis-point scalp in this contract.
Active day-traders of this contract should e-mail us for our up-to-the-minute trading recommendations.
Due to technical difficulties, we are unable to bring you the remainder of this week’s market summary. However, we will be extending free daily call-in trade line privileges for all of the coming week.
If you are interested, e-mail us at firstname.lastname@example.org or call our toll-free number 1-866-317-1390, for your temporary PIN number. Furthermore, starting this week, we will be listing all trades executed in the InsiderIntelligence.com portfolio at the end of each day, for your added convenience.