There was only one announcement today at 8:00 MST on existing home sales. The news came out worse than expected and the market moved. We were patient and waited a few minutes for our direction but then it did just what we were expecting. Josh and I made half a point (5%), Lindsey made .75 of a point (7.5%), Don got 1.25 points (12.5%) and Steff got the most today with her scale out and got 2.13 points (21.3%).
It's been a while since I've explained how points work: each contract on the S&P 500 Mini is $500. Every point of movement on the S&P represents 10% of how many contracts you were trading. For instance if I were trading 5 contracts that would equal $2,500 (5 x $500 = $2,500). My half point win would be 5% of that $2,500 which would be $125.00 (minus commissions to the brokerage which in my case would be $24.00 once you're trading live). The profit is completely scalable depending on how many contracts you're trading. Please let me know if you have any questions on this.
The Long and Short of it today talks about emergency procedures to have on hand if something were to ever happen to your power, Internet connection, etc. if you were in a trade. While this doesn't happen a lot, it does happen and you don't want to be unprepared for when it does. Steffany and Josh give you some great details on what to do in advance. The Two Cents covers our Social Forum from last week which we hope is very helpful to all of you: http://www.youtube.com/watch?v=EEqbTyVUZ0c
Have a good day,Amy
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