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 27: Dow, S&P 500, NASDAQ close at record highs
Tuesday, February 28: Crude took a dive early, then recovered the losses
Wednesday, March 1: 30-Year Bonds took a dive early: Low: 14914, Dow traded above 21K
Thursday, March 2: Euro FX High: 1.05545, Low: 1.0502
Friday, March 3: Market waited patiently for Janet Yellen’s comments, Lean Hogs were down over 2.0% on the day
Top Market Breaking Headlines
- US oil settles at $53.83 a barrel, down 18 cents after crude stocks build to record high. CNBC
- Trump promises tax relief, immigration overhaul in Congress address. Reuters
- Chance of a March interest rate hike almost doubled: CME. CNBC
- U.S. consumer spending slows; inflation pushes higher. Reuters
- The Bond Market Is Calling Yellen’s March Rate Hike Bluff . Bloomberg
- U.S. Jobless Claims Lowest Since March 1973. Wall St. Journal
Community Excerpts
“My goal: Now that I have settled on my 3 markets, concentrate on entering 2 lots and not just one and let loose the dogs of war.” tradersean
“What I Learned: Happy I did not feel pressure to trade ES this AM ahead of numbers and with what has been, a generally quiet market of late. Watched patiently and took one trade for a scratch. Will tune in later and hope for some direction” 90bideven
“This market lol. It's going to the moon.” (regarding the Equities) l4lyf
"Jim Dalton says, 'The longer the balance takes place, the greater the odds the movement out of balance will be dynamic or have a lot of volatility associated with it.' In my opinion CL seems directionless and emotional in recent days.” FredDecker
Educator Highlights
“Think positive things into existence” John Hoagland, TopstepTrader
“Be patient with your setups. Have the market conform to your expectations. This builds confidence” John Bougearel, Structural Logic
“The goal of a successful trader is to make the best trades. Money is secondary.” Alexander Elder
“Let the market do it’s thing, We are just trend followers” Anne-Marie Baiynd, TheTradingBook.com
“Forgive yourself. This helps you develop compassion and leads to self-respect. When we are unable to forgive ourselves, we become critical of others.” Jinnie Cristerna, The High Achievers Therapist
Eddie's Note
As of this week we are seeing a 75% chance that rates will rise on March 15-16, jumping from the 25% chance we saw from last week’s meeting. The common belief is that we will see 3 rate rises this year, but of course that can always change by tomorrow. The Bond traders are calling the bluff and unconvinced there’s much behind it. We shall see if there is strength in the rumors.
Remember: Treating your trading account as a personal business can help you with making better choices during the trade day. Think like a boss!
-Eddie Horn, Broadcaster
