Morning Update

Creeping Skepticism Still Weighing On Markets

Markets are lower today, continuing last week's negative trend after the long weekend. Ongoing recession fears, fueled by last week's economic data that showed further job losses, are still weighing on commodity prices and dragging down share prices of energy and materials stocks. Meanwhile, Treasuries are mixed as traders await this morning's reading on the US services sector. In equity news, a bankruptcy court judge has approved General Motors' request to sell assets to a new government-backed company, while a host of US companies are in Russia to announce investments in the country as part of President Obama's summit with Russian President Dmitry Medvedev. Overseas, markets are mostly lower due to weakness in commodity-related stocks.

As of 8:44 a.m. ET, the September S&P 500 Index Globex futures contract is 7 points below fair value, the Nasdaq 100 Index is 7 points below fair value, and the DJIA is 45 points below fair value. Crude oil is down $3.04 at $63.69 per barrel, while gold is down $9.25 at $923.00 per ounce.

General Motors (GMGMQ $1) is making progress towards a timely exit from bankruptcy proceedings after a judge approved the ailing automaker's plan to sell its assets to a new government-backed firm. Under the proposed plan, the government will own more than 60% of the new firm, with the Canadian government holding a 12% stake, and the remainder split between union workers and former bondholders. Today's announcement comes as the July 10 deadline imposed by the US government looms. The Obama administration has threatened to withdraw its financing of the reorganization if GM has not completed its bankruptcy proceedings by Friday.

Several American business leaders are in Russia to attend a Kremlin summit between President Barack Obama and Russian President Dmitry Medvedev. While business links between the nations is not the sole purpose of the talks, a host of US companies such as Deere & Co. (DE $39), PepsiCo (PEP $56), and Boeing (BA $41 ¹) will announce investment deals in Russia totaling more than $1.5 billion during the visit. Agricultural machinery manufacturer John Deere expects to invest $500 million in the next six years in the country, while beverage group PepsiCo will invest $1 billion over three years. Boeing plans to announce a joint venture with VSMPO-Avisma, the world's biggest titanium producer, according to Reuters, citing an unnamed source. Other US companies expected to attend the meetings include commodity producers Exxon Mobil (XOM $68), Chevron (CVX $64), ConocoPhillips (COP $41), and Alcoa (AA $10).

Treasuries mixed ahead of reading on the services sector

The ISM Non-Manufacturing Index for June will be released this morning at 10:00 a.m. ET, with economists predicting an improvement to 46.0 from the level of 44.0 seen in May, which would mark the best reading since last fall, although still below the level of 50 that marks the separation point between contraction and expansion in the index. The services sector makes up almost 90% of the US economy so traders will pay attention to this report, although the ISM indices have not been a good predictor of turns in economic activity this recession, as this downturn has been led by a reduction in consumer wealth and spending, instead of the corporate sector.

Despite the strong rebound in the market, cash levels remain elevated, with the AAII survey on asset allocation showing 35% exposure to cash as of May 31. The AAII sentiment survey indicated that while sentiment is not at an extreme low, bearish investors (48%) still well-outnumber bullish investors (28%). We may be transitioning from the liquidity-driven phase to the earnings-driven phase of the market rebound. The 2Q earnings season unofficially begins Wednesday after the close, with Alcoa's earnings report.

While the reading on the services sector is the only release on today's economic calendar, later in the week markets will have a variety of reports to consider, including weekly MBA Mortgage Applications, consumer credit, weekly initial jobless claims, wholesale inventories, the trade balance, and the University of Michigan consumer sentiment.

Also likely to draw investor interest will be this week's meeting of the G8 industrial nations. The summit is being held in Italy and is expected to acknowledge some signs of stabilization in the global economy, while still encouraging further stimulus efforts to prevent a reacceleration in the economic downturn. Any signs of increasing trade protectionism during the summit will be of particular interest, with some countries such as China recently criticizing a US proposal to impose tariffs on imports from nations that refuse to cut emissions of gases blamed for global warming.

Negative US sentiment carries over to Europe

European markets are underwater in afternoon trading, led by commodity-related issues and financials. Bank stocks are under pressure despite an announcement from Societe Generale (SCGLF $56) that it expects to report "slightly positive" net income in 2Q. France's second-largest bank added that the impact of assets at risk should be limited, as it continues to lower the amount of risky assets it holds on its balance sheet. Elsewhere, a carryover from the negative sentiment in US markets last week is dragging on energy and materials stocks, with most European indexes suffering losses of more than 1%. Meanwhile, a strong day from easyJet (EJETF $5) is not enough to keep UK stocks out of the red. EJETF is up nicely after reporting that its passenger numbers rose almost 1% last month to approximately 4.2 million.

Deficit concerns sink India

Shares in Asia were broadly lower overnight, led by India's BSE Sensex 30 Index down almost 6% after the country announced an expansionary budget including a major rural spending initiative. Indian Finance Minister Pranab Mukherjee said the country's budget deficit may grow to a 16-year high of almost 7% of gross domestic product (GDP) this year. The sell-off mirrors similar reactions to swelling government debt loads in other regions in recent trading. Elsewhere in Asia, falling commodity prices dragged down shares of energy and materials stocks due to a continuation of the creeping doubts regarding the likelihood of a rapid recovery in the global economy that have led to a three-week sell-off in US equity markets. One bright spot in the region was South Korea, with the Kospi Index gaining less than 1% following an announcement from Samsung Electronics (SSNLF $441) that it will earn more money this year than it did last year. Also bucking the negative trend was China, with the Shanghai SE Composite gaining approximately 1% after news that toll road operator Sichuan Expressway is planning to come public, marking the first major IPO since last Septembe

Happy 4th

by Larry Levin

There wasn't a great deal of trading last Thursday after the first 45-minutes of the session. We believed this was coming so no trades were made. Markets were closed Friday in observation of the US Independence Day; we hope you all had a relaxing long weekend and are ready to go again Monday morning.

Last Friday's main economic data report was from the BLS - monthly jobs data, which was about 40% worse than expected.

The government released the following: Nonfarm payroll employment continued to decline in June (-467,000), and the unemployment rate was little changed at 9.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Job losses were widespread across the major industry sectors, with large declines occurring in manufacturing, professional and business services, and construction.

The official unemployment rate is 9.5% and rising. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is labeled as U-6 in the government report and is 16.5%.



Previous Day's Trading Room Results:

Trade Date: 7/2/09

E-Mini S&P Trades*
(before fees and commissions):

1) No trades.

2) Algorithm positions (0)

3) "Reading the Tape" positions (0) ...combined Secret's, Algo, & "Reading the Tape" total...None



Electronic (YM) Mini-Dow:

1) None today



Sign up as an AvidTrader Member to receive "The Technician" Value Area's each day. The market then has an 80% chance of filling the Value Area. Many traders familiar with the Value Area and the techniques that go along with it use it to help them decide what trades to do each day. Join and see how this technique can help you trade more successfully!

Evening Update

Job Losses Cause Renewed Anxiety For Investors

Markets are suffering losses of more than 2% after this morning’s labor report caused traders some alarm and led to creeping doubts as to whether a rapid recovery in the economy is still possible. A separate release showing that continuing jobless claims are declining was not enough to overcome the negative sentiment. Meanwhile, Treasuries are higher after the economic data and as investors prepare for the Independence Day holiday. Equity news today has been light, and is mainly focused on M&A activity as Exelon Corp has raised its hostile takeover offer for NRG Energy in an attempt to create the nation’s largest electricity generator, while Johnson & Johnson has announced it will team up with Irish drug maker Elan Corp to develop Alzheimer’s treatments. Elsewhere, Sepracor is down after negative news related to its FDA studies, and Tivo is under pressure after a judge allowed Dish Network customers to continue using their DVRs while an ongoing court case progresses. Overseas, Europe suffered heavy losses after the US jobs report and after the ECB left its easing programs unchanged.

At 12:54 p.m. ET, the Dow Jones Industrial Average is down 2.1%, the S&P 500 Index is 2.3% lower, and the Nasdaq Composite is declining 2.4%. Crude oil is $2.44 lower at $66.87 per barrel, wholesale gasoline is off $0.06 at $1.80 per gallon, and gold is down $10.82 at $929.70 per ounce.

Exelon Corp. (EXC $50) announced that it has increased its hostile takeover offer for NRG NRG Energy (NRG $25) by 12.4% per share to $7.45 billion. This new offer comes more than eight months after EXC first expressed interest in NRG, in an attempt to create the US’s largest electricity generator. Shares of both firms are lower as investors weigh the odds that the deal is accepted. The offer price is approximately 8% above yesterday’s closing price for NRG, which has advised its shareholders to take no action until management has had time to review the revised proposal.

Dow member Johnson & Johnson (JNJ $57) said that it will invest $1 billion with Irish drug maker Elan Corp. (ELN $8), representing an 18.4% stake in the company. Also, a new company will be formed, with JNJ holding a 50.1% stake that will push forward the development of ELN’s late-stage development Alzheimer drug. Elan CEO Kelly Martin said this deal comes after an exhaustive review of 30 potential partners in an attempt to maximize the value of its Alzheimer’s program. ELN is up about 15% on this announcement, while JNJ is trading lower.

Shares of Sepracor (SEPR $15) are down almost 20% after the drug company announced that a Phase II study of the efficacy and safety of a treatment of a major depressive disorder did not meet the primary efficacy endpoint. Also, SEPR said the US Food & Drug Administration (FDA) has put two pediatric studies of its drug Lunesta on clinical hold due to concerns regarding non-clinical data. The FDA said this action does not impact the availability or prescribing information for Lunesta in the treatment of adults with insomnia.

Shares of Tivo (TIVO $9) are almost 15% lower after a judge granted Dish Network (DISH $16) and EchoStar Corp. (SATS $16) a stay on an injunction that would have stopped DISH and SATS customers from using their digital video recorders (DVRs). A prior ruling found that TIVO's DVR technology patents were infringed, but the appeals court ruled that DISH and SATS met their burden of proof of demonstrating that they could prevail in their appeal or that they have a substantial case and could suffer potential harm from the lower court order. TIVO said it is confident that the District Court judge's decision will be upheld.

Nonfarm payrolls shed more jobs than anticipated, jobless claims fall

Nonfarm payrolls (chart) fell 467,000 in June, more than the Bloomberg estimate that called for a 365,000 decline. May was favorably revised to -322,000 from -345,000, and April was revised from -504,000 to -519,000. The unemployment rate rose from 9.4% to 9.5%, versus the consensus forecast of the jobless rate to rise to 9.6%. Average hourly earnings were unchanged, versus the Street's forecast of a 0.1% gain. The average workweek fell to 33.0 hours from 33.1. Since the recession began in December 2007, 7.2 million jobs have been lost, and there are 14.7 million unemployed persons, of which 4.4 million have been out of work for more than 6 months. The number of people who are working part-time for economic reasons, those who would like to work full-time but are unable to, has risen by 4.4 million since the recession began. Job losses were widespread across sectors, including a 52,000 loss in government, with the only increases in jobs occurring in the healthcare and education categories. The auto industry continues to add to job losses, losing 27,000 in June and 335,000 since the recession began.

The combination of the historic financial crisis and bruised consumers could imply the risk of a W-shaped recovery. The lack of strength in average hourly earnings and average workweek, as well as involuntary part-time workers, implies continued strain on consumer spending. As we go forward, wages could come under pressure, and combined with the historically low level of capacity utilization, signify that deflation, not inflation, remains the near-term risk. Treasuries erased losses following the unfavorable labor data and are now higher. Please note that all US markets will be closed tomorrow in observance of the Independence Day holiday, with bond markets having a regular close today.

Meanwhile, weekly initial jobless claims declined by 16,000 to 614,000, versus last week's figure that was upwardly revised by 3,000 to 630,000. The Bloomberg consensus called for claims to reach 615,000. The four-week moving average declined by 2,750 to 615,250, and continuing claims fell, dropping 53,000 to 6,702,000, versus the forecast of 6,740,000.

In other economic news, factory orders (chart) for the month of May were released and showed orders gained 1.2%, topping the consensus of economists surveyed by Bloomberg, which called for an increase of 0.9%. April's 0.7% advance was downwardly revised to 0.5%. Excluding transportation, orders rose 0.8%. Nondefense capital goods orders ex-aircraft, considered a good indicator of business spending, rose 4.7% after falling 3.5% in April. May's durable goods orders—reported last week—were left unchanged at a 1.8% advance.

Europe in the red as autos lose tread, ECB leaves rates unchanged

Stocks in Europe were down as weakness in automakers following yesterday's disappointing US sales data was exacerbated by a downgrade of European auto stocks by Credit Suisse. Basic materials were also under pressure with traders booking profits as a result of lingering uncertainty regarding whether the recent economic data supports a sustainable recovery in the global economy. The soured sentiment across the pond was aggravated by the disappointing labor data in the US. In equity news, shares of Clariant (CLZNY $6) were down sharply after the chemical maker said it plans to sell 225 million Swiss francs of convertible bonds.

On the economic front, the European Central Bank, as widely expected, left its key interest rate unchanged at 1.0%. ECB President Jean-Claude Trichet noted that the bank’s plan to purchase bonds will go ahead as planned, while giving few other details to the unorthodox measures being used in addition to interest rate cuts in an attempt to improve lending conditions in the region. The bond purchase program will begin on July 6 and will be implemented gradually, with the ECB eventually purchasing as much as 8% of the total covered bonds outstanding, according to Trichet.

On the economy, Trichet said recent data provide further indications that economic activity over the remainder of this year is likely to remain weak but should decline less strongly than was the case in 1Q 2009. He noted that after a phase of stabilization, a gradual recovery with positive quarterly growth rates is expected by mid-2010.

Separately, other economic reports showed eurozone producer prices unexpectedly fell in May and eurozone unemployment rose more than expected to 9.5%.

Morning Update

Nonfarm Payrolls Pare Optimism

Stocks are under pressure in morning action after the labor report showed more jobs were shed from nonfarm payrolls than what economists had anticipated. The unemployment rate rose slightly less than expected and a separate report showed weekly initial and continuing jobless claims both declined, but are doing little to soothe concerns on Wall Street that the road to an economic recovery may be bumpy and longer than the recent rally in equities in 2Q had suggested. Treasuries have pared losses and are moving higher. In equity news, Exelon Corp. upped its bid for NRG Energy, Johnson & Johnson will invest $1 billion in Elan Corp, and Sepracor received bad news on a couple of drug studies. Overseas, markets are mostly lower with the European Central Bank leaving its key interest rate unchanged.

As of 8:48 a.m. ET, the September S&P 500 Index Globex futures contract is 14 points below fair value, the Nasdaq 100 Index is 14 points below fair value, and the DJIA is 115 points below fair value. Crude oil is down $1.62 at $67.69 per barrel, while gold is down $13.50 at $927.80 per ounce.

Exelon Corp. (EXC $52) announced that it has increased its offer to acquire all the outstanding shares of NRG Energy (NRG $26) by 12.4% per share to $7.45 billion. EXC cited additional upside value indentified since the initial offer.

Dow member Johnson & Johnson (JNJ $57) said that it will invest $1 billion with Irish drug maker Elan Corp. (ELN $7), representing an 18.4% stake in the company. Also, JNJ will acquire substantially all of the assets and rights of ELN's Alzheimer's Immunotherapy Program, through a newly formed company. Upon closing, JNJ said the transaction will have an estimated dilutive impact of $0.02-0.03 on its adjusted earnings per share.

Shares of Sepracor (SEPR $18) are under pressure after the drug company announced that a Phase II study of the efficacy and safety of a treatment of a major depressive disorder did not meet the primary efficacy endpoint. Also, SEPR said the US Food & Drug Administration (FDA) has put two pediatric studies of its drug Lunesta on clinical hold due to concerns regarding non-clinical data. The FDA said this action does not impact the availability or prescribing information for Lunesta in the treatment of adults with insomnia.

Nonfarm payrolls shed more jobs than anticipated, jobless claims fall

Nonfarm payrolls fell 467,000 in June, more than the Bloomberg estimate that called for a 365,000 decline. May was favorably revised to -322,000 from -345,000, and April was revised from -504,000 to -519,000. The unemployment rate rose from 9.4% to 9.5%, versus the consensus forecast of the jobless rate to rise to 9.6%. Average hourly earnings were unchanged, versus the Street's forecast of 0.1%.

Meanwhile, weekly initial jobless claims declined by 16,000 to 614,000, versus last week's figure that was upwardly revised by 3,000 to 630,000. The Bloomberg consensus called for claims to reach 615,000. The four-week moving average declined by 2,750 to 615,250, and continuing claims fell, dropping 53,000 to 6,702,000, versus the forecast of 6,740,000. Treasuries have pared losses and are mixed with the short-to-mid end of the curve moving higher following the key reports on employment conditions. Please note that the bond market will close early today and all US markets will be closed tomorrow in observance of the Independence Day holiday.

Later today, the economic calendar will yield the latest report on factory orders for the month of May, forecasted to rise 0.9% on top of April's 0.7% advance.

Europe in the red as autos lose tread

Stocks in Europe are under pressure in afternoon action, as weakness in automakers following yesterday's disappointing US sales data is being exacerbated by a downgrade of European auto stocks by Credit Suisse. Basic materials are also under pressure with traders booking profits from yesterday's strong gains as lingering uncertainty regarding whether the recent economic data supports a sustainable recovery in the global economy. In equity news, shares of Clariant (CLZNY $6) are under solid pressure after the chemical maker said it plans to sell 225 million Swiss francs of convertible bonds.

On the economic front, the European Central Bank, as widely expected, left its key interest rate unchanged at 1.0%. Traders are now waiting for the press conference conducted by ECB President Jean-Claude Trichet, explaining details of the decision and traders are most likely looking for details on the progress or the announcement of any changes to the central bank's recent deployment of unconventional monetary policy measures to help stabilize the financial markets. They may also be looking for any comments on the inflation front, given the recent surge in commodity prices on the increased economic optimism that has fueled the equity markets since reaching the mid-March lows, and the fact that Trichet has been a notorious inflation hawk. Separately, eurozone producer prices unexpectedly fell in May and eurozone unemployment rose more than expected to 9.5%.

Asia mixed ahead of US labor data

Stocks in Asia were mixed as strength in metals and mining stocks, on yesterday's jump in key metals prices, were met by pressure on automakers following yesterday's worse-than-expected sales of vehicles in the US. Japan's Nikkei 225 Index declined 0.6%, Hong Kong's Hang Seng Index fell 1.1% after returning to trading following yesterday's holiday, while China's Shanghai Composite Index posted a solid advance, gaining 1.7%. Traders treaded cautiously ahead of today's US labor report. In economic news, the Indian finance ministry said India's economic growth may rise to as much as 7.75% this year amid signs of a "bottoming out" in the US, and monsoon rains supporting harvests. However, India's BSE Sensex 30 Index only eked out a modest 0.1% gain today.

Crap and Trade

by Larry Levin

Today was a very slow day again, AFTER the initial hour. It looks like the 4th of July holiday has started early for some, thus leading to the late morning and afternoon snoozer. Thursday may offer some early fireworks, however, with the release of the monthly jobs data.

Hmm, I wonder if it will be worse than expected. If so, isn't Thursday a convenient time to release it, you know, to get buried in the holiday hoopla. In my recent CNBC spot that many of you have seen,

http://www.cnbc.com/id/15840232?play=1&video=1167028705

I mentioned releasing it Thursday is stupid and should be released next week, but the government is intent on jamming it in this week. After the early trade the market may do another Rip Van Winkle so be careful and seriously consider starting your vacation early too.

Have a great and happy 4th of July.

Oh, and since the largest tax increase in the history of this country is upon us and will effect every aspect of business, I thought I'd mention it today. Even though there will be carbon contracts to trade, which could make me a lot of money, I am against this moronic bill. By the way, every Rep in the House has admitted to NOT reading this entire bill, including Waxman, even though they have voted for it. Brilliant. The following is by Dan Denning.

Cap and Trade: The Death of the Industrial West

Hey here's a question to start your Wednesday off with. If Bernie Madoff gets 150 years in prison for running a Ponzi scheme, what do you think the people who designed Social Security and the Superannuation scheme ought to get?

And speaking of colossally stupid government programs, you may have seen the news that the U.S. House of Representatives passed a climate change bill on Saturday by a narrow vote of 219-212. The cap-and-trade bill, otherwise known as Waxman-Markey (for the nominal writers of the bill), mandates that U.S. manufacturers and utilities reduce carbon emissions 17% from 2005 levels by 2020 and 83% by 2050.

Under the sausage making process that is the American Congress, the bill was filled with compromises. Congressmen from coal-producing states or states with lots of manufacturing jobs had to be bribed into supporting it through various means. It must now go the Senate, which must pass its own version of the bill.

If the Senate bill is different from the House bill (and it almost always is, given the different agendas in both bodies and the need for more bribes), the two bills go to "reconciliation." That's where a committee made of members from both houses settles on a final compromise version of the two bills and sends them back to their respective bodies to be voted on. Then it gets sent to the President to become the law of the land.

By the way you may have missed an amendment to the bill that's stirred a bit of controversy. It was inserted the night before among the bill's 1,200 pages, which you can be sure none of America's elected officials actually read. The amendment placates Congressmen from Rust Belt states who worry about losing even more manufacturing jobs to the developing world (China). It requires the U.S. President to make a "border adjustment" on goods from countries that do not cap or reduce carbon emissions by 2020. It's a tariff.

Already President Obama has backed off that particular amendment. He says, "At a time when the economy worldwide is still deep in recession and we've seen a significant drop in global trade, I think we have to be very careful about sending any protectionist signals out there." Very careful, sure. But you already did send the signal didn't you?

For what it's worth, we think this was all an exercise in political window dressing to get some version of a bill passed. If the Senate and the House actually agree on a climate change bill that puts a high tax on carbon, then the apotheosis of Obama will be complete.

We will take The One at his word, though. Besides, as everyone knows, the real purpose of the bill is not to start a trade war (although it may do so). The purpose is to make conventional energy more expensive AND - in an era of declining government tax receipts and rising liabilities - to create a huge new source of government revenues by taxing carbon. It's a revenue and power grab by an institution (the Nation state) that finds itself increasingly off-balance.

It's also a massive project in socioeconomic engineering that ignores the reality (and physics) of energy generation in an industrial society. It's true the world could benefit from cleaner and cheaper energy. But cleaner and more expensive energy is a recipe for economic suicide. It's something Western nations seem particularly keen on committing, although we can't really figure out why. It could be that the global Left simply finds modern life aesthetically ugly and consumerism (with all that pesky individual choice) a vulgarity that should be destroyed via legislation.

But speaking strictly in economic terms, unless a region or a country has ample hydroelectric or geothermal resources, it's impossible to meet base load electricity needs reliably with renewable energy. Advocates envision a world full of ultra-long life batteries, windmills, and solar farms. But it's just a fantasy. If the climate bills become law in Australia and America, it will accelerate the deindustrialising of Western economies and mean the transfer of even more manufacturing jobs to the developing world.

Of course maybe that's just what the architects of these laws want. Who knows? We know they want to tax productive enterprise and make the bulk of the population dependent on government handouts. That makes people compliant and easily controllable. That is big government Utopia. Advancing the fears of climate change is the easiest way to get more control.

We'd expect to see the construction of a lot more natural gas fired power plants in the coming years in the West (although they are more expensive than coal-fired plants). All those re-chargeable plug-in hybrids have to get their electrons from somewhere. If it's not going to be coal (which will be taxed out of existence), it's probably going to be cleaner-burning natural gas power plants, powered by both conventional and unconventional gas.

Right now, global LNG capacity is rising and stockpiles are fairly high. But if you keep your eye on the big picture and we see a transition of the world's power plant fleet from coal to natural gas, it obviously favors gas producers and explorers. Australia is moving ahead by leaps and bounds in this area with conventional offshore production in the North West Shelf and Timor Sea and more unconventional production (hopefully) from coal-seam-gas in Queensland.



Have a great and happy 4th of July.



Previous Day's Trading Room Results:

Trade Date: 7/1/09

E-Mini S&P Trades*
(before fees and commissions):

1) OTF buy @ 10:00am at 926.25 = -1.50 (1 lot)

2) FT buy @ 10:20am at 924.75 = +.75 & -.50 (2 lot)

3) Algorithm positions (4)

4) "Reading the Tape" positions (3) ...combined Secret's, Algo, & "Reading the Tape" total...-1.25


Electronic (YM) Mini-Dow:

1) None today



Sign up as an AvidTrader Member to receive "The Technician" Value Area's each day. The market then has an 80% chance of filling the Value Area. Many traders familiar with the Value Area and the techniques that go along with it use it to help them decide what trades to do each day. Join and see how this technique can help you trade more successfully!