Cover Story 2009 Interest rate outlook: Less than zero? By Chris Mcmahon Few would argue the fact that 2008 has been a historic year. The subprime lending crisis has lead to the edge of a global recession. Equity markets across the world have been slashed, erasing nearly View Past Issues | Subscribe Trading Techniques Crossover relative value trading By Perry Kaufman Recent market movements should have taught us that risk has increased, and there isn’t adequate transparency to make rational decisions based on fundamentals. If you share this view, that leaves only Trading breakouts and micro trendlines By Al Brooks Everything on a price chart represents either a trend or a non-trend. Non-trending swings are trading ranges, and non-trending bars (bars with small or non-existent bodies) are dojis. When the market STIRring up opportunities By Paul D. Cretien Short-term interest rate (STIR) futures and options include those traded on the CME Group and Euronext Liffe. Although the various STIR futures and options contracts have different specifications, Start late, work hard, quit early By Richard L. Muehlberg You can lose money buying a rally. You can lose money shorting a break. The key is timing. If your own experience isn’t enough to convince you of these two trading truths, consider the following Forex Trader Dollar expectations By Abe Cofnas Those trading forex during this past year certainly have gained some combat stripes as the global equity and commodity markets rocked through a major shift in valuations. The impact on currencies was Futures 101 Trading the calendar By Christine Birkner When it comes to trading, planning ahead makes all the difference. Knowing the most important dates of the trading calendar can save you a lot of headaches, and a little research goes a long way in Markets Fed sailing into treacherous waters in 2009 By Steven K. Beckner Will the unprecedented measures that the Fed, the Treasury, the Federal Deposit Insurance Corporation and other authorities took last year succeed in at last stabilizing the financial system and Tech talk: When it falls… By J.b. Siewers Iii Bonds, such as they are, will not succumb to price pressure. They will carry the weight of the bailout/fiscal stimulus. On one hand, you have Treasury Secretary Hank Paulson printing them, and on the Editor's Note Greed and then some By Ginger Szala Several years ago I was picked for jury duty in a civil suit that focused on a private plane crash at a small airport outside Chicago. The private plane was owned by one public company and “leased” Book Reviews Breakthroughs in Technical Analysis: New Thinking from the World's Top Minds By Leslie N. Masonson Since the stock market devastation of 2000-2002, technical analysis has gained a much broader acceptance among individual and professional investors and traders. Rather than being a staid discipline, It's When You Sell That Counts (Third Edition) By Leslie N. Masonson There are only a handful of books published on when to sell a stock. Pinpointing the time to sell turns out to be very critical to your ability to make money. It is a hard skill to learn and most Market Analysis Corn dogs By Chris Mcmahon With crude oil prices in the dumper, ethanol now economically unfeasible and demand for commodities down across the board, corn prices have simply collapsed in early December from a high of $7.75 per Oil tanks By Chris Mcmahon February crude oil futures have cratered, falling to $42.51 per barrel in early December from $148.17 on July 11. “It feels like this market is putting in a bottom,” says Joseph P. Marshall, Swiss franc misses By Chris Mcmahon After a huge run up this decade, the Swiss franc has lost steam against the U.S. dollar. “The Swiss was a funding currency for many years,” says Randolph Donney, analyst for Thomson Reuters. Now it’s Managed Money Where to invest? By Daniel P. Collins The most recent three-month Treasury Bill auction netted 0%. Add fixed income, the safest place north of your mattress, to the list of investments that just aren’t giving any returns. As equities The silver lining in silver’s decline By James Cordier While painful for long-term investors, the bear markets in both stocks and commodities, which intensified in the fall of 2008, have produced two market conditions that are extremely favorable to Going pro in managed futures By Daniel P. Collins Some may say you should get your head examined, but you already knew that if you are making your living through trading. After the initial jokes, most experts would tell you that more of your time New For Traders New for Traders By Christine Birkner CME Group launched European style options on the European gasoil bullet swaps futures contract, average price options on the European gasoil calendar swaps futures contract and 26 new monthly PJM People Dan to lead MF Global By Christine Birkner Bernard W. Dan was promoted to CEO of MF Global. He had been MF Global’s president and chief operating officer and previously served as president and CEO of the Chicago Board of Trade. “There are Trader Profile Grisafi: Profiting in Tom’s world By Daniel P. Collins Tom Grisafi never would have dreamed he'd have a state-of-the-art trading facility in his home when as a kid he dreamed of trading at the Chicago Board of Trade. Profiles in Options Howard Tyllas: Learning from the ground up By Daniel P. Collins In the 1970s, when Howard Tyllas worked as a photographer for United Press International, he had a friend who traded at the Chicago Mercantile Exchange (CME). Back then the CME was located on In volatile times, you have options By Howard Tyllas There is a catch 22 with trading options. Beginner and less capitalized traders can benefit from options but understanding options requires a more in-depth knowledge of markets and volatility than Profiles in Forex Richard Micallef: A disciplined approach By Chris Mcmahon Despite his 23 years of trading experience, Rich Micallef describes himself as a basketball coach. You have to dig a little deeper to find out that he played guard for Brooklyn College back in the Building on strength By Richard Micallef When I began as a commercial banking trader years ago, I was a reactionary trader: going with flows, clearing up other people’s positions and from time to time putting on day-trades to make profits. Breaking News International News By Staff Writer The Electronic Liquidity Exchange (ELX), a new futures exchange formed by several investment banks, along with Getco and Peak 6, signed an agreement with the Options Clearing Corporation to provide Finding a home for CDSs By Christine Birkner The question of where credit default swaps (CDS) will trade and who will regulate them has yet to be determined, but potential players made their case and spoke of the role of credit derivatives in Sentinel sues Citadel, Goldman By Chris Mcmahon Grede says Citadel acquired Sentinel customer securities at a huge discount in a noncompetitive bulk sale and took a $47.1 million “market uncertainty concession,” at the expense of creditors.