Bonds melted down on the stronger than expected ADP payroll data, which indicates stronger than expected non-farm payroll data on Friday. Fed Fund Futures have dramatically increased the implied liklihood of another Fed tightening in August as a result of that data. Higher rates hit the equities markets, along with higher oil prices. All in all, a messy day in the US financial markets.
Our TNR model also didn't do very well, calling for a trending day, but not taking advantage of the early sell-off until too late. Net total, we lost $786 on 3 trades. For Thursday, we are calling for a Reversion day in NQ and a Neutral day in ES.
Our open positions:
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Good luck, and have a great evening!
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