We have not heard much since the original proposal for a user fee or the so called traders tax

Of course this would have some very serious and negative implications for day traders. Specifically active futures day traders would would be faced with a fee calculated on the value of the futures contract.

So our understanding is, with an SP Futures Contract, (or e-mini sp) at a $ 700 level, the equivalent proposed tax would be calculated as

700 points X$50 multiplier = $35,000 Contract Value

$35,000 x .0025 = $87.50

If the calculation and interpretation is correct, every active e-mini futures trader would be looking at $175.00 ($87.50 x 2), as a new fee or tax on each trade

RIDICULOUS!

Sign the Petition, Vote No, Protect the careers of thousands of traders, maybe even your own

Go here and Sign The Petition

Yesterdays rally was completed negated with the whopping gap down that had the SP’s opening below 700.
Buyers were simply nowhere to be found as the harsh reality of the bear has grabbed hold of everyone. So bearish that one would have to think the bottom is near. When we officially cannot find 1 more bull and your neighbor who has never participated in the markets tells you he is bearish, then and only then will we find the true bottom.

Looking for capitulation?

What is more worrisome than previous bear markets is the fact that this one is being led by the financials, so it begs the question - if the financial institutions are out of money who will be buying the bottom?

Keep your powder dry, the opportunities will present themselves.

The E-mini Update will be posted shosrtly