[Rd] erappin' - daily morning update 8-13-01 (PR#1051)
info@eminidaytrading.com
info@eminidaytrading.com
Mon, 13 Aug 2001 15:32:12 +0200 (MET DST)
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erappin' - daily morning update
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BLEAK ECONOMIC PICTURE
We got a mixed bag of reports by retailers at the end of last week. As
you know, retail sales are a key element to this economy's growth as
continued consumer spending is necessary to remain out of a recession.
Market analysts are hoping consumers will be spending part of their $40
billion tax refund in the coming months. Consumer spending is the only part
of this economy that is still stagnating without reflecting signs of this
slowing economy...for now. This week, we get several clues on the latest
economic condition, on top of the consumer spending reports that will give
the market a further indication how they are coping with the weakening job
market. Analysts are expecting today's Retail Sales report to come in -0.2%.
Earlier last week, the Fed Beige Book, even though limited in its
number of anecdotes, showed a slowing factory sector, flat to falling bank
loan demand, and most importantly, retail sales below plan. Pretty much all
U.S. regions are presenting a picture of "slow growth or lateral movement in
economic activity" over the past few months. The economy keeps touching that
bottom without showing any improvements. On August 7, we had Chicago Fed
President Moskow citing that, "an underperforming economy may be rare, but
it is nothing new. What is different today are the mixed signals we see in
the marketplace. The combination of weaknesses and strengths and risks is
both unusual and challenging."
Symbol Close High Low Gain/Loss
SPU01 1191.20 1197.50 1171.50 3.40
ESU01 1191.25 1197.50 1172.00 3.50
NDU01 1624.00 1652.50 1581.00 15.50
NQU01 1624.00 1652.50 1582.50 15.50
DOW 10416.25 10433.46 10197.32 117.69
NASDAQ 1956.47 1967.03 1915.99 6.85
SPX 1190.16 1193.33 1169.55 6.73
SOX 593.05 595.63 572.29 7.16
VIX 22.81 24.91 22.68 0.83
TRADING
We have seen this market trade in quite the range these past few
months (Nasdaq 2000-2300). Unless we are getting something different than
the clouded visibility companies are reporting, some economic data showing
signs of a bottom, we will not be trading outside that range. Going into the
weekend, we saw a technical rather than a fundamental-based rally. Traders
want more than just reports telling them there is no worry about inflation.
It is time for some reports saying there is no worry about this economy
slowing any further! For now, economic news is not showing signs of
stabilization so traders will remain anxious about the timing of the
economic turnaround hoping that the next data reports are giving them reason
to believe it is sooner rather than later.
Curious to see how this week's earnings come in for Hewlett-Packard,
Applied Materials and Dell and of course how they see next quarter's
numbers. HWP is expecting a 91% drop in earnings per share, Applied
Materials a 97% drop while Dell sees a 27% step back in EPS.
EUROPE'S SLOWING ECONOMY
The European Central Bank (ECB) indicated in its August report that it
might need to cut interest rates again. So far, the ECB has been reluctant
to do so as they were experiencing troubles with rising inflation. Latest
economic reports are indicating a pause in inflationary pressures, which
introduces the possibility now of another 25 basis point rate cut as soon as
August 31st. Especially given Europe's largest economy, Germany, is
reporting weak industrial production, factory orders, and factory orders
besides its seventh consecutive rise in unemployment.
It seems that central banks around the world are now in the race to
reverse direction on their slowing economies. Greenspan and company have cut
interest rates six times so far this year, with possibly another two coming
up later this quarter, the Bank of England has reduced them four times while
the Bank of Japan.... well they are still stuck with their zero interest
rate situation. Based on the economic data we have seen these past few
months, it does not look like Europe's economic bottom is in sight any time
soon either. Last week, the ECB released a statement saying, "there is an
increased uncertainty surrounding economic growth in the euro area in the
second half of 2001," and they might feel the effects of, "deteriorating
growth performances in several other regions of the world."
On Friday, back on U.S. soil, the Chicago Board of Trade's Fed Fund
Futures are indicating a 100% chance of a 25 basis point rate cut to 3.50%
at the next FOMC meeting on August 21st and even a slight 18% probability of
a 50 bp cut at that time. Given a cut to 3.50% end of August, traders are
expecting with an 88% probability another 25 bp cut to 3.25% by year end.
Have a great trading day -- and honor those stops !!
If you would like to signup for a free trial of our interactive
trading room called the epit, where trading signals are posted in realtime
throughout the day, please fill out form at
http://www.eminidaytrading.com/eminisignup.html All questions regarding the
epit service, please email info@eminidaytrading.com . Erap service is not an
investment advisory service, nor a registered investment advisor or broker
and does not purport to tell or suggest which securities members should buy
or sell for themselves. Members should always check with their licensed
financial advisor and their tax advisor to determine the suitability of any
investment. You are currently subscribed to erap. To unsubscribe, please
send a blank email to erappers-unsubscribe-request@eminidaytrading.com
Copyright 2001 by eminidaytrading Inc.
Number 1
08/13/2001
Futures - The Basics
Futures, the Basics - Are you a stock / option trader and have
considered trading futures but are constantly reminded how terribly risky
they are? If you are new to futures trading, then this session is a must as
emaster and emagine will cover the basics. What you need to know about
futures, how it differs from stocks & options trading and how to add them to
your trading arsenal.
August 23rd and August 27th.
Targets
Both ES/NQ continue their downtrend. ES had a double bottom in the
1174-78 area which was briefly taken out, low 1172, before it bounced back.
However, until we make a clean break and close above 1235 level, we aren't
getting bullish. That area has been tested twice and failed. We have been
trading within this 1174-1233 range for over a month now. NQ has same story.
Even though it penetrated the upper trendline, it has resumed trend making a
new low of 1582.50. A break of this level could leave us testing 1550 and
1500 levels. We need a close above 1800 to get bullish.
Intraday Epit Targets Hit
ES NQ
1174.50 1604
1188 1590
1195.75 1619
1631
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<TD vAlign=3Dtop align=3Dleft width=3D370><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#000000=20
size=3D4><B>BLEAK ECONOMIC PICTURE<BR><BR></B></FONT><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular size=3D2>We =
got a mixed=20
bag of reports by retailers at the end of last week. As you know, =
retail=20
sales are a key element to this economy's growth as continued =
consumer=20
spending is necessary to remain out of a recession. Market =
analysts are=20
hoping consumers will be spending part of their $40 billion tax =
refund in=20
the coming months. Consumer spending is the only part of this =
economy that=20
is still stagnating without reflecting signs of this slowing =
economy...for=20
now. This week, we get several clues on the latest economic =
condition, on=20
top of the consumer spending reports that will give the market a =
further=20
indication how they are coping with the weakening job market. =
Analysts are=20
expecting today's Retail Sales report to come in =
-0.2%.<BR><BR>Earlier=20
last week, the Fed Beige Book, even though limited in its number =
of=20
anecdotes, showed a slowing factory sector, flat to falling bank =
loan=20
demand, and most importantly, retail sales below plan. Pretty much =
all=20
U.S. regions are presenting a picture of "slow growth or lateral =
movement=20
in economic activity" over the past few months. The economy keeps =
touching=20
that bottom without showing any improvements. On August 7, we had =
Chicago=20
Fed President Moskow citing that, "an underperforming economy may =
be rare,=20
but it is nothing new. What is different today are the mixed =
signals we=20
see in the marketplace. The combination of weaknesses and =
strengths and=20
risks is both unusual and challenging."<BR><BR></FONT>
<P><FONT face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D2>
<TABLE cellSpacing=3D0 cellPadding=3D3 width=3D366 bgColor=3Dwhite =
border=3D0>
<TBODY>
<TR>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ff00ff=20
size=3D2><B>Symbol</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ff00ff=20
size=3D2><B>Close</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ff00ff=20
size=3D2><B>High</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ff00ff=20
size=3D2><B>Low</B></FONT></TD>
<TD vAlign=3Dtop align=3Dmiddle></TD>
<TD vAlign=3Dtop align=3Dleft><B><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ff00ff=20
size=3D2>Gain/Loss</FONT></B></TD></TR>
<TR>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>SPU01</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1191.20</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1197.50</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1171.50</B></FONT></TD>
<TD vAlign=3Dtop align=3Dmiddle><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D2><IMG=20
height=3D14=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_up.gif"=20
width=3D12 border=3D0></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>3.40</B></FONT></TD></TR>
<TR>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>ESU01</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1191.25</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1197.50</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1172.00</B></FONT></TD>
<TD vAlign=3Dtop align=3Dmiddle><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D2><IMG=20
height=3D14=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_up.gif"=20
width=3D12 border=3D0></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>3.50</B></FONT></TD></TR>
<TR>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>NDU01</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1624.00</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1652.50</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1581.00</B></FONT></TD>
<TD vAlign=3Dtop align=3Dmiddle><IMG height=3D13=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_down.gif"=20
width=3D12 border=3D0></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ff0000=20
size=3D2><B>15.50</B></FONT></TD></TR>
<TR>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>NQU01</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1624.00</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1652.50</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1582.50</B></FONT></TD>
<TD vAlign=3Dtop align=3Dmiddle><IMG height=3D13=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_down.gif"=20
width=3D12 border=3D0></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ff0000=20
size=3D2><B>15.50</B></FONT></TD></TR>
<TR>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>DOW</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>10416.25</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>10433.46</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>10197.32</B></FONT></TD>
<TD vAlign=3Dtop align=3Dmiddle><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D2><IMG=20
height=3D14=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_up.gif"=20
width=3D12 border=3D0></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>117.69</B></FONT></TD></TR>
<TR>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>NASDAQ</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1956.47</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1967.03</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1915.99</B></FONT></TD>
<TD vAlign=3Dtop align=3Dmiddle><IMG height=3D13=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_down.gif"=20
width=3D12 border=3D0></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ff0000=20
size=3D2><B>6.85</B></FONT></TD></TR>
<TR>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>SPX</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1190.16</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1193.33</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>1169.55</B></FONT></TD>
<TD vAlign=3Dtop align=3Dmiddle><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D2><IMG=20
height=3D14=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_up.gif"=20
width=3D12 border=3D0></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>6.73</B></FONT></TD></TR>
<TR>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>SOX</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>593.05</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>595.63</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>572.29</B></FONT></TD>
<TD vAlign=3Dtop align=3Dmiddle><IMG height=3D14=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_up.gif"=20
width=3D12 border=3D0></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>7.16</B></FONT></TD></TR>
<TR>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>VIX</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>22.81</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>24.91</B></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3Dblack=20
size=3D2><B>22.68</B></FONT></TD>
<TD vAlign=3Dtop align=3Dmiddle><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D2><IMG=20
height=3D13=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_down.gif"=20
width=3D13 border=3D0></FONT></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ff0000=20
=
size=3D2><B>0.83</B></FONT></TD></TR></TBODY></TABLE><BR><BR></FONT><FONT=
=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#000000=20
size=3D4><B>TRADING<BR><BR></B></FONT><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular size=3D2>We =
have seen this=20
market trade in quite the range these past few months (Nasdaq =
2000-2300).=20
Unless we are getting something different than the clouded =
visibility=20
companies are reporting, some economic data showing signs of a =
bottom, we=20
will not be trading outside that range. Going into the weekend, we =
saw a=20
technical rather than a fundamental-based rally. Traders want more =
than=20
just reports telling them there is no worry about inflation. It is =
time=20
for some reports saying there is no worry about this economy =
slowing any=20
further! For now, economic news is not showing signs of =
stabilization=20
so traders will remain anxious about the timing of the economic =
turnaround=20
hoping that the next data reports are giving them reason to =
believe it is=20
sooner rather than later.<BR><BR>Curious to see how this week's =
earnings=20
come in for Hewlett-Packard, Applied Materials and Dell and of =
course how=20
they see next quarter's numbers. HWP is expecting a 91% drop in =
earnings=20
per share, Applied Materials a 97% drop while Dell sees a 27% step =
back in=20
EPS.<BR><BR><BR></FONT><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#000000=20
size=3D4><B>EUROPE'S SLOWING ECONOMY<BR><BR></B></FONT><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular size=3D2>The =
European=20
Central Bank (ECB) indicated in its August report that it might =
need to=20
cut interest rates again. So far, the ECB has been reluctant to do =
so as=20
they were experiencing troubles with rising inflation. Latest =
economic=20
reports are indicating a pause in inflationary pressures, which =
introduces=20
the possibility now of another 25 basis point rate cut as soon as =
August=20
31st. Especially given Europe's largest economy, Germany, is =
reporting=20
weak industrial production, factory orders, and factory orders =
besides its=20
seventh consecutive rise in unemployment.<BR><BR>It seems that =
central=20
banks around the world are now in the race to reverse direction on =
their=20
slowing economies. Greenspan and company have cut interest rates =
six times=20
so far this year, with possibly another two coming up later this =
quarter,=20
the Bank of England has reduced them four times while the Bank of=20
Japan.... well they are still stuck with their zero interest rate=20
situation. Based on the economic data we have seen these past few =
months,=20
it does not look like Europe's economic bottom is in sight any =
time soon=20
either. Last week, the ECB released a statement saying, "there is =
an=20
increased uncertainty surrounding economic growth in the euro area =
in the=20
second half of 2001," and they might feel the effects of, =
"deteriorating=20
growth performances in several other regions of the =
world."<BR><BR>On=20
Friday, back on U.S. soil, the Chicago Board of Trade's Fed Fund =
Futures=20
are indicating a 100% chance of a 25 basis point rate cut to 3.50% =
at the=20
next FOMC meeting on August 21st and even a slight 18% probability =
of a 50=20
bp cut at that time. Given a cut to 3.50% end of August, traders =
are=20
expecting with an 88% probability another 25 bp cut to 3.25% by =
year end.=20
<BR><BR>Have a great trading day -- and honor those stops=20
!!<BR><BR><BR></FONT><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular color=3Dblack =
size=3D1>If=20
you would like to signup for a free trial of our interactive =
trading room=20
called the epit, where trading signals are posted in realtime =
throughout=20
the day, please fill out form at <A=20
=
href=3D"http://www.eminidaytrading.com/eminisignup.htm">http://www.eminid=
aytrading.com/eminisignup.htm</A>l=20
All questions regarding the epit service, please email <A=20
=
href=3D"mailto:info@eminidaytrading.com">info@eminidaytrading.com</A> . =
Erap=20
service is not an investment advisory service, nor a registered =
investment=20
advisor or broker and does not purport to tell or suggest which =
securities=20
members should buy or sell for themselves. Members should always =
check=20
with their licensed financial advisor and their tax advisor to =
determine=20
the suitability of any investment. You are currently subscribed to =
erap.=20
To unsubscribe, please send a blank email to <A=20
=
href=3D"mailto:erap@eminidaytrading.com">erappers-unsubscribe-request@emi=
nidaytrading.com<BR><BR></A><B>Copyright=20
2001 by eminidaytrading Inc.</B></FONT> </P></TD>
<TD vAlign=3Dtop align=3Dleft><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D2><B>Number=20
1<BR>08/13/2001<BR><BR></B></FONT>
<TABLE cellSpacing=3D0 cellPadding=3D5 width=3D125 border=3D0>
<TBODY>
<TR>
<TD bgColor=3D#000000 colSpan=3D4><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D2><B>Futures - The =
Basics</B></FONT></TD></TR></TBODY></TABLE><IMG=20
height=3D35=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/erap_basics.gif"=20
width=3D125 border=3D0>=20
<TABLE cellSpacing=3D0 cellPadding=3D5 width=3D125 border=3D0>
<TBODY>
<TR>
<TD bgColor=3D#000000 colSpan=3D4><B><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ffffff=20
size=3D1>Futures, the Basics - Are you a stock / option =
trader and=20
have considered trading futures but are constantly reminded =
how=20
terribly risky they are? If you are new to futures trading, =
then=20
this session is a must as emaster and emagine will cover the =
basics.=20
What you need to know about futures, how it differs from =
stocks=20
& options trading and how to add them to your trading=20
arsenal.<BR><BR></FONT><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ffffff=20
size=3D2>August 23rd and August 27th</FONT></B><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ffffff=20
size=3D2><B>.</B></FONT></TD></TR></TBODY></TABLE><BR><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#000000=20
size=3D1><BR></FONT><FONT =
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular=20
color=3D#000000 size=3D2><B>Targets</B><B><BR></B></FONT><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#33cc00=20
size=3D1><B><BR></B></FONT><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular size=3D1>Both =
ES/NQ=20
continue their downtrend. ES had a double bottom in the 1174-78 =
area which=20
was briefly taken out, low 1172, before it bounced back. However, =
until we=20
make a clean break and close above 1235 level, we aren't getting =
bullish.=20
That area has been tested twice and failed. We have been trading =
within=20
this 1174-1233 range for over a month now. NQ has same story. Even =
though=20
it penetrated the upper trendline, it has resumed trend making a =
new low=20
of 1582.50. A break of this level could leave us testing 1550 and =
1500=20
levels. We need a close above 1800 to get bullish. <BR><BR>
<TABLE cellSpacing=3D0 cellPadding=3D4 width=3D129 border=3D0>
<TBODY>
<TR>
<TD bgColor=3D#000000 colSpan=3D4><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ffffff=20
size=3D2><B>Intraday Epit Targets Hit</B></FONT></TD></TR>
<TR>
<TD width=3D"50%"><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ff00ff=20
size=3D2><B>ES</B></FONT></TD>
<TD vAlign=3Dtop align=3Dmiddle width=3D"50%"></TD>
<TD width=3D"50%"><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#ff00ff=20
size=3D2><B>NQ</B></FONT></TD>
<TD vAlign=3Dtop align=3Dmiddle width=3D"50%"></TD></TR>
<TR>
<TD width=3D"50%"><B><FONT size=3D2><FONT=20
=
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular>1</FONT></FONT></B></=
FONT><B><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular=20
size=3D2>174.50</FONT></B></TD><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular size=3D1>
<TD vAlign=3Dtop align=3Dmiddle width=3D"50%"><IMG height=3D13 =
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_down.gif"=20
width=3D12 border=3D0></TD>
<TD width=3D"50%"><B><FONT size=3D2><FONT=20
=
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular>1</FONT></FONT></B></=
FONT><B><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular=20
size=3D2>604</FONT></B></TD><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular size=3D1>
<TD vAlign=3Dtop align=3Dmiddle width=3D"50%"><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D1><IMG=20
height=3D13=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_down.gif"=20
width=3D12 border=3D0></FONT></TD></TR>
<TR>
<TD width=3D"50%"><B><FONT size=3D2><FONT=20
=
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular>1</FONT></FONT></B></=
FONT><B><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular=20
size=3D2>188</FONT></B></TD><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular size=3D1>
<TD vAlign=3Dtop align=3Dmiddle width=3D"50%"><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D2><IMG=20
height=3D14=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_up.gif"=20
width=3D12 border=3D0> </FONT></TD>
<TD width=3D"50%"><B><FONT size=3D2><FONT=20
=
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular>1</FONT></FONT></B></=
FONT><B><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular=20
size=3D2>590</FONT></B></TD><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular size=3D1>
<TD vAlign=3Dtop align=3Dmiddle width=3D"50%"><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D1><IMG=20
height=3D13=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_down.gif"=20
width=3D12 border=3D0></FONT></TD></TR>
<TR>
<TD width=3D"50%"><B><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular=20
size=3D2>1</FONT></B></FONT><B><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular=20
size=3D2>195.75</FONT></B></TD><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular size=3D1>
<TD vAlign=3Dtop align=3Dmiddle width=3D"50%"><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D2><IMG=20
height=3D14=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_up.gif"=20
width=3D12 border=3D0> </FONT></TD></FONT>
<TD width=3D"50%"><B><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular=20
size=3D2>1619</FONT></B></TD><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular size=3D1>
<TD vAlign=3Dtop align=3Dmiddle width=3D"50%"><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D2><IMG=20
height=3D14=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_up.gif"=20
width=3D12 border=3D0> </FONT></TD></TR></FONT>
<TR>
<TD width=3D"50%"></TD><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular size=3D1>
<TD vAlign=3Dtop align=3Dmiddle width=3D"50%"></TD>
<TD width=3D"50%"><B><FONT size=3D2><FONT=20
=
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular>1</FONT></FONT></B></=
FONT><B><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular=20
size=3D2>631</FONT></B></TD><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular size=3D1>
<TD vAlign=3Dtop align=3Dmiddle width=3D"50%"><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
size=3D2><IMG=20
height=3D14=20
=
src=3D"http://www.eminidaytrading.com/erappin/images/arrow_up.gif"=20
width=3D12 =
border=3D0></FONT></TD></TR></TBODY></TABLE></FONT><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular =
color=3D#000000=20
size=3D1><BR><BR></FONT><FONT=20
face=3DArial,Helvetica,Geneva,Swiss,SunSans-Regular=20
=
size=3D1><BR><BR></FONT></FONT></FONT></FONT></FONT></FONT></FONT></TD></=
TR></TBODY></TABLE><IMG=20
height=3D81 =
src=3D"http://www.eminidaytrading.com/erappin/images/erappin_bottom.gif" =
width=3D559 useMap=3D#erappin_bottomb794de78=20
border=3D0><BR><BR><BR><BR></DIV></BODY></HTML>
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