The TopstepTrader Community is strong, and we wanted to share the engaging conversations and helpful information discussed on our daily Squawk broadcast with anyone who may have missed them. Every Friday, we cover the top markets of the week, headlines that impacted the markets, and highlights from chat debates and educator segments.
Let us know what else you'd like to hear about!
Top Market Movers
Monday, February 20: President's Day [US] - Markets Close Early
Tuesday, February 21: Equities (Highs: NQ 5353.00, YM 20,735, ES 2364.75) + Stocks extended record winning streak as Dow topped 20,700
Wednesday, February 22: Crude closed lower than $54 after an attempt to the upside
Thursday, February 23: The EIA released Crude inventories at 0.564 million barrels after expectations for a build of 3.325 million barrels.
Friday, February 24: U.S. New Home Sales released below expectations Friday at 555K after expectations of 576K
Top Market Breaking Headlines
- Fed's Kashkari sees cure for slow growth in immigration, tax reform. CNBC
- Fed's Harker sees three interest-rate hikes appropriate for 2017. Reuters
- OPEC chief sees higher compliance with oil cut, says confidence returning. Reuters
- The robot that takes your job should pay taxes, says Bill Gates. QZ.com
- Dennis Gartman is bullish on the dollar, oil. CNBC
- Oil settles lower to end 3 straight sessions of gains, as non-OPEC production weighs. Market Watch
“One thing we need to remember is you must have a good data feed to start with or the circus magic does not matter” WilleeMac
“It took me WAY too long to learn and trust. Today I took a Yen trade that had broken a trend line but I faded the break just because something told me it was a trap. This helped me: bakadesuyo.com” Joe Duffy
“Sellers may be gradually entering the market in the first stages of distribution. Not showing their hand but propping price up for fills.” tradersean
“When trading a bubble... it's very important to follow your rules explicitly... as they are the only shred of reasoning you can use in this environment” Hitman47-X1
“If you understand the state of the market, you can write a roadmap to successful trades” John Hoagland, TopstepTrader
“S&P Mini: Looking for a Final 5th wave -Confirmation should be seen from the Dow. Watch for a correction” (regarding the rally in Equities) John Bougearel, Structural Logic
“Using tax-advantaged accounts to your advantage is overlooked in retirement” Michael Distasio, Mad Consulting
“The Mind that you brought to trading is not going to be the one that produces success in trading. That has to be built so that the management of the unknown is standard, rather than the certainty of survival” Rande Howell, My Traders State of Mind
Next Week's Economic Releases
Monday, February 27: Durable Goods 7:30 AM CT
Tuesday, February 28: GDP 7:30 AM CT, FED Speakers George 11:45 AM CT, Willams 2:30 PM CT, and Bullard 5:30 PM CT
Wednesday, March 1: ISM Manufacturing 9:00 AM CT, EIA Petroleum Status 9:30 AM CT, and FED Speaker Kaplan 11:30 AM CT
Thursday, March 2: Jobless Claims 7:30 AM CT
Friday, March 3: FED Speakers Evans and Lacker 9:15 AM CT, Yellen 12:00 AM CT
We have seen the Equities stretch north for quite some time here and it does show that "the trend is your friend" on markets like these. Sellers have tried to bring the markets down, but those moments are short lived. Once again the non-cooperative non-OPEC members are holding up the line. Agreement can be such a large hurdle. Non-OPEC: ‘We are here to argue’. OPEC: ‘No you're not!’
Remember: Sitting curbside to ‘watch parade go by’ (not trading) sometimes in the safest trade setup one can follow. Only trade when you are comfortable and your game plan coincides with the market, otherwise you're just gambling.