European Closing Thoughts: Traders Stay at the Window

An eventful day just ended here in Europe.  As we said in our Mid-Session Review traders were at the window waiting for news to crush the tape.

After the bell this is the picture in Europe:

The Stoxx50 fell 0.16% to 2,475.74, the German Dax rose 0.09% to 7,169.98, the Italian Ftsemib fell 0.39% to 15,121.70 and the Spanish Ibex led losers down 0.82% to 7,574.20.

In US persistent concern s about the so called “fiscal cliff” and the debt ceiling weighted on equity benchmarks, the DJIA fell 0.17% to 12,793.20, the S&P500 fell 0.074% to 1,378.91 while the tech Nasdaq fell 0.19% to 2,899.30 leading losers; although trade in US was light, with government offices and the U.S. bond market closed for the U.S. Veterans Day holiday.

In the currency market the Euro traded flat versus the greenback at 1.2717$. The single currency, however, is down about 1.9 percent against the dollar so far in November.

Worries about the fiscal cliff effect on the US economy weighted on the Oil market, Crude for December delivery fell 0.76% to 85.40$ a barrel. Gold was $1.733.50 an ounce, well above a 2-month low around $1,672 hit last week.

Today the market remembered us the old saying: there is a time to go long, time to go short and time to go fishing. And to day was a day where the “good trade” was not playing the long side or the short side of the market but staying away from it.  If you were able to do it than you are trading like pros.

Have a great evening.

Originally posted at www.77sigmatrading.com