Tuesday, July 20, 2010

Emini Futures Trading / 1085-86 Key Level on ES

(QQQQ)(AAPL)(AMZN)(QID)(SPY)




“Go, find out where he is,” the king ordered, “so I can send men and capture him.” The report came back: “He is in Dothan.” Then he sent horses and chariots and a strong force there. They went by night and surrounded the city.

When the servant of the man of God got up and went out early the next morning, an army with horses and chariots had surrounded the city. “Oh, my lord, what shall we do?” the servant asked. “Don’t be afraid,” the prophet answered. “Those who are with us are more than those who are with them.”

And Elisha prayed, “O LORD, open his eyes so he may see.” Then the LORD opened the servant’s eyes, and he looked and saw the hills full of horses and chariots of fire all around Elisha.”
II Kings 6:13-17

Eyes Wide Open
Imagine a native who was raised in the deep jungle of Africa seeing America for the first time. Can you imagine him trying to explain to his people what America was like? Telephones, video, automobiles, restaurants, airplanes. How different the two worlds are. Yet what do we know of heaven? What do we know of God’s power the He makes available to us? What do we know of His infinite riches and resources toward us who believe? It made all the difference when the servant saw the heavenly resources there on his behalf. Would it make a difference in your day today if you knew more about the Heavenly reality waiting to bust in on yours? I pray for us all  what Elisha prayed, “May God open our eyes so we may truly see.”

Amazon: E-books outselling hardcover. Sales of Amazon's (AMZN) Kindle e-reader have tripled since the company lowered its price last month to $189 from $259, with CEO Jeff Bezos saying growth had "reached a tipping point" despite competition from devices like the iPad (AAPL), the Sony Reader (SNE) and the Nook (BKS). Amazon also noted that over the last three months, it has sold more e-books than hardcovers, which is "astonishing when you consider that we’ve been selling hardcover books for 15 years, and Kindle books for 33 months." It's still too early to tell whether e-books are cannibalizing the huge and crucial market for paperback sales.
 
Bidders lose interest in RadioShack. RadioShack (RSH) has been exploring strategic options, and its stock is up 10% this month on speculation the company may be the target of a takeover bid, but potential bidders seem to be losing interest in the electronics retailer. Sources said TPG Capital plans to drop out of the bidding, and Blackstone Group (BX), which had considered a joint offer with TPG, is unlikely to move forward on its own. Bain Capital, which had also expressed an interest in RadioShack, is no longer in the auction.

Weekly Trading Zones / Daily Results
1085/1086 is our next key upside level on the ES. A breakout above that WTZ would also violate the top of our Price Channel on the daily chart. Respect of that area increases the chance for a steeper decline.

As Burt and I chatted about the 5min setup and the chances of the market trading higher, the area highlighted by the blue circle is what got me excited about the possibility. Stochastics were overbought when the move began and remained overbought as the market continued to climb an additional 15 "overbought" points. I promised a chart, here it is...

Upcoming Webinars
Capture the Move w/ Burton Schlichter
Thursday July 22, 2010 2:30PM CDT
Understand the Big Picture Using the Vix w/ Mike Reed 
Saturday July 24, 2010 9:00AM CDT


Pray Hard & Trade Safe!
CT







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