Anyone scalping the FTSE Futures??

[Sidekicker]

Just got 30pts short on FTSE.

On another note...
It's kind of annoying but my broker charges an overnight spread on the FTSE of 6 pts, 1hr before opening of 2 pts and the normal 1pt during market hours.
This is a problem when overnight trades are left openas you either have to adjust your SL and lose more or sometimes get stopped out early, sometimes miss a limit fill etc.

I don't want to go DMA as I see no point in spending on data feeds, application feeds, + an acocuntant for tax calculations. Perhaps Interactive Brokers do something decent but I'd really prefer a SB broker that sticks close to the 1pt all the time. I know the real market only has 0.5 spreads but the overnight spread is not usually 6-7pts?!

 

[SuddenDeath]

this is getting brutal, RIO down 3.5% BP down 1.6% RDSA down 2%

 

[Dick Lexic]

nice bounce on the Q low but we need that march low back at 730... looks a tall order at the mo

ha, will it be buy in May when they all go away?

critical area for me 560/70 (Q low)

another test?

 

[SuddenDeath]

Stay short SPX until it can hit 1386.2.
wonder how short people are the DOW/sp500 would guess very short,

this was damn good advice at 8.44am this morning

 

[Dick Lexic]

Amex SPDR S&P 500 etf Trust, ticker SPY on arca exchange basically tracks the SP500, but it starts to trade at 9am uk time.

Currently with the dow/sp500/ftse extremely bearish the only bullish move u will get is if they move it into the buy stops on shorts, then u get sharp up gap opens.

got it on the watch list.... thanks sd

 

[SuddenDeath]

another test?

What is a "q low"

 

[Dick Lexic]

What is a "q low"

quarterly low

 

[SuddenDeath]

quarterly low

thanks

 

[DaddyJohn]

sold it down - to buy it cheap ...

 

[barjon]

closed the l/s for net +19 - that'll do for the moment.

mmm, ftse close down -103 from last Friday's close with dow down -218 over same period. ftse therefore +6 strong but nothing in it for a pairs trade.

under the surface though, ftse got to +41 strong by 1pm and then went -36 weak from there into the close.

I closed l/s shortly after 1pm (above) but was so concerned trying to get a net +20 that I forgot we were at an extreme (I'm using + or - 40 atm) which should have set me on a s/l. Ah, could've, should've . I probably wouldn't have done it anyway even if I had noticed since I thought ftse was leading a recovery charge at the time!!

jon

 

[Sidekicker]

sold it down - to buy it cheap ...

Not so sure this is a dip buying low yet unless you're just short terming it.

 

[Dick Lexic]

will she hold or will she fold..

 

[barjon]

i'm long 5548 (cash)

 

[barjon]

will hedge with dow 5544 if goes back

 

[SuddenDeath]

Biderman's Daily Edge 5/8/2012: Sell in May and Go Away for Third Straight Year

Biderman's Daily Edge 5/8/2012: Sell in May and Go Away for Third Straight Year - YouTube

 

[DaddyJohn]

is this the cavalry to the rescue??? or will they runn head into big chief running bear and his short injuns?

 

[Dick Lexic]

pesky injuns......where's tonto when you need him?

 

[barjon]

well it being hauled up kicking and screaming by dow atm. we got 8:30 reversal and 9:00 is looking dodgy to stop it - i hedged now

 

[Dick Lexic]

Biderman's Daily Edge 5/8/2012: Sell in May and Go Away for Third Straight Year

Biderman's Daily Edge 5/8/2012: Sell in May and Go Away for Third Straight Year - YouTube

sd, spy still closed after 9am..i use finspreads ??

 

[SuddenDeath]

sd, spy still closed after 9am..i use finspreads ??

I got direct access platform. Hard to find Arca feed, but it is free.
SPY started trading 9am, currently 135.8 implying FTSE 5586
Dow 12868 imp. 5577

Market problem is weak BP (down 1.4%) and flat resource stocks
Feel BP is heading for 400p from current 409p

RIO/BLT have swung too far today to recover without outside help(Dow)