Close:
Gold held on pretty well considering the dollar and crude drop. Support is at 50% May H/L for the August contract at 894.80.
For those wanting big leverage and volatility, there is nothing like the gold e-mini futures contract (YG). At $1215 margin per contract and $33.20 a point, it is a scalpers dream. It is one way to play oil, which for many has too high a margin ($5250 on the e-mini QM). I introduced QM trading many years ago for those who followed my day to day trade signals on a pay site, now I would push YG. Fantastic tool for those who know how to trade commodities and I think the party has just started there.
What, no video camera on the new iphone?
The fact that RIMM was up for the day and AAPL down was a clue. In fact, RIMM made a huge bounce off its 50 dma at 128. But overall, one has to wonder how much higher can they take these key NDX stocks as we enter the summer months.
This entry was posted
on Monday, June 09, 2008 at 6/09/2008 05:03:00 PM.
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6/9/08 11:42 PMMarc--
are you saying a $100 move in gold
would net about $3000 on 1 contract?
Thanks,
Steve
6/9/08 11:55 PM
Actually it would net $3320, it's 33.20 per point per contract. I'll correct the post for the sake of complete accuracy.
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