morning headlines moving markets

• U.S. stock-index futures tumbled after UBS AG predicted credit-market losses at financial firms may top $600 billion and results trailed estimates at American International Group Inc. and Dell Inc. 
• U.S. Consumer Spending Rose 0.4 Percent in January 
  
• Dollar Falls to Three-Year Low Versus Yen on Fed `Indifference’ 

And later today we have Fedspeak from Rosengren at 10:15AM and Lockhart at 12:15PM, we have the Chicago purchasing managers index and the Consumer Sentiment report at 10:AM.

tonights video is a short recap of the markets we have been watching. The only current set up was the long YM entry we were looking for, we got in into that level today. I don’t feel too comfortable long but i feel its a low risk entry here. Watching TV, listening to the radio and reading online, I think i am the ONLY trade who wants to be long this market, that can be a good thing. Gold at all time highs i know a few of you took that trade with me GJ! keep posted for new set ups

The U.S. economy in the fourth quarter grew at an annual rate of 0.6 percent, less than forecast and reflecting reduced estimates for spending and constructionThe GDP headline is causing futures to trade low in the pre-market.  Dollar continues to weaken.  are the bears back or is this a buying op?

Today there was not too much action in the stock market  and I remain with a bullish stance, the big action was in forex.  The dollar has broken down past any support just getting creamed. the EUR/USD and AUD/USD crosses are just soaring   and the USD/CHF is tanking.   This caused Gold to head up to new highs as well.   After hours AAPL perked up causing the Nasdaq futures to move higher. I feel that the NASDAQ will lead the indices  if this market remains bullish, it has been lagging and has the most room to run, perhaps this AAPL move will kick start it.   

This is a video of a live trade I took at the opening bell this morning. Just a quick $225 scalp for breakfast to start the day. You don’t have to trade all day long to make money!

Here is some news affecting pre market trading

• Producer Prices in U.S. Increase More Than Forecast 
• Home Depot Profit Drops on U.S. Housing Slowdown  (surprised?) 
•  States Seek Congress’s Aid as Subprime Boosts Costs 

No huge news this morning. The markets should open lower, in this market god only knows where the day will take us!

My mentor, and partner in crime from the opposite coast is taking the helm here.

I’m gonna focus on the forum and have Cire hook this page up with calls, videos and whatever the hell he wants.

He’s an excellent trader, very profitable and while we imply no guarantees of profit and all calls will be made for “entertainment” purposes, I feel we can learn some great things from him.

Thanks Cire…I’m lookin forward to what you bring to the table here. Since you like Homer so much, just be sure you don’t stick a crayon up your nose and screw up all that trading knowledge.

Okay, just wanted to test my first post on the blog here. Thought i would kick it off with a little homer humor

MBA Purchase Applications
7:00 ET

ICSC-UBS Store Sales
7:45 ET

Consumer Price Index
8:30 ET

Housing Starts
8:30 ET

Redbook
8:55 ET

EIA Petroleum Status Report
10:30 ET

4-Week Bill Auction
1:00 ET

FOMC Minutes
2:00 ET

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