Large movement prior to market close.

[jaybas]

ORAC

obviously you were not watching the market in late August where there were 400-600 point moves on the 21st, 22nd, and 24th. They were market corrections which if you watch the large trending charts...in October there should be a few larger down moves coming up. October is traditionally the month when most stocks will be at their lowest for the coming year. Its what wall street traders look for , for their vault stock purchases. I expect we will hit a few monster down days in the next couple weeks. the market is still too top heavy. the feds have been artificually propping up the market for the last 2 years.

[Ghostnigel]

Who cares? Nuts if you buy gold.

(sharp intake of breath)....i want to keep my 'tackle' where they are, thanks....

[elgordo38]

ORAC

obviously you were not watching the market in late August where there were 400-600 point moves on the 21st, 22nd, and 24th. They were market corrections which if you watch the large trending charts...in October there should be a few larger down moves coming up. October is traditionally the month when most stocks will be at their lowest for the coming year. Its what wall street traders look for , for their vault stock purchases. I expect we will hit a few monster down days in the next couple weeks. the market is still too top heavy. the feds have been artificually propping up the market for the last 2 years.

Finally a fellow that knows his onions sorry market maneuvers. The last sentence is extremely important. If there are wild swings in October and the shorts are caught short like getting margin calls all hell could break loose. There is 850 billion in margin money outstanding right now possibly more. It will happen just a matter of when. If you go back to 2008 its deja vu all over again. We just keep making the same mistakes over and over again and learning nothing. Greed has its ugly hold on us.

Edited October 3, 2015 by elgordo38

[Orac]

ORAC

obviously you were not watching the market in late August where there were 400-600 point moves on the 21st, 22nd, and 24th. They were market corrections which if you watch the large trending charts...in October there should be a few larger down moves coming up. October is traditionally the month when most stocks will be at their lowest for the coming year. Its what wall street traders look for , for their vault stock purchases. I expect we will hit a few monster down days in the next couple weeks. the market is still too top heavy. the feds have been artificually propping up the market for the last 2 years.

My apologies.

Serves me right for believing things said on the interweb particularly a Murdoch site! They probably are using their own definitions of swing.

http://www.marketwatch.com/story/dow-sp-500-see-biggest-price-swing-in-4-years-2015-10-02

[oztaurus]

As others have said, US Jobs Data.

If you are trading anything you really need to have a news feed on economic data from around the world. I use www.myfxbook.com

no doubt there are many others.

You also need a strategy for news events, or a long enough trading cycle and deep enough pockets not to get caught out by them. Personally, I don't trade news events, but do look for opportunities as currencies return to wards previous norms.

FYI in about 2 weeks the IMF will meet for a decision of whether to allow the Chinese Renminbi to be granted reserve currency status. This decision is only taken once every 5 years. It will probably go through, taking up to 20% of world trade out of USD based transactions ...... THAT will be a bumpy ride.

The decision on the SDR composition will be taken at the review in November, not in Peru. The new composition will not be implemented until Sept 2016.

There is pushback on adding the Renminbi. Maybe in 2016. The dollar's days are numbered, but that doesn't mean there isn't upside in the near term. Expect the US to protect the reserve status.

There are currently 7 reserve currencies, the US has the lion's share. When the change comes the US will just lose some of its share, something that they have been desperately trying to avoid.

They cannot pushback on a new composition for the SDR. Under the IMF constitution that must be decided by the end of the year.

Noted. I had marked the week in October as a good time to take a holiday from trading and hadn't followed the latest updates. Would have looked more closely closer to the date.

When the decision is announced it will have an immediate effect, even though the major players will have factored the likely outcome into their trading positions well in advance. The time between the decision and its implementation should be a reasonably predictable trend across all currencies.

It still highlights my original advice to OP - if you are playing with real money, you don't want to be in a position where you are not aware of market shifting news such as US employment data or US non-farm income data, and if you are aware of them, you need a strategy to deal with them. As I said - my strategy is not to have open positions at those times, I am not that much of a gambler.