Monday, July 19, 2010

Emini Futures Trading / Weekly Trading Zones

(SPY)(DIA)(GLD)(BP)(NOK)




“I will bless the LORD who guides me; even at night my heart instructs me. I know the LORD is always with me. I will not be shaken, for he is right beside me.”
Psalms 16:7, 8




Each of us can be like David, and each of us should be better than David because we are aware of the traps that he fell into.

But in his relationship to God, we should be at least as strong as he was. When he became aware of his sins, he brought them before the Lord and repented, and thus he was forgiven.

As this Psalm says, he placed the Lord in the position of honor in his life, at his right hand, where the Lord could give continual counsel, even while he slept, for the words of the Lord were continually in his mind.

Listen to Today's Broadcast


Moody's downgrades Ireland. Moody's downgraded Ireland one notch to Aa2, pointing to the government's ongoing loss of financial strength and the country's weakened growth prospects. The "crystallization" of Ireland's bank contingencies contributed to the downgrade as well. Moody's expects the near-term deterioration in the government's debt metrics to be "severe," but changed its outlook on Ireland's rating to stable from negative.

IMF, EU break off talks with Hungary. The IMF and EU suspended a review of Hungary's funding program, which was set up in 2008 to rescue the country's finances, effectively blocking Hungary's access to the remaining funds in its $25.1B rescue package until talks resume. "Sustainable consolidation will require durable, non-distortive measures, which the authorities need more time to develop," the IMF said in a statement. Keep an eye on European equity and credit markets this morning following this development.


Weekly Trading Zones - Published Sunday Night 7/18/10

S&P 500 Emini Futures / ES
1143/1144
1108/1109
1085/1086
1072/1073
1049/1050
1036/1037
1000/1001
Dow Emini Futures / YM
10,712
10,423
10,243
10,134
9,954
9,845
9,556

Weekly Trading Zones / Daily Results
We remarked on today's show that even though the Zones are a bit wider than normal this week and that we were then trading in the middle of the Zone, we would still be surprised to not touch at least one Zone during the day session. On the YM we touched 10,134 to the tick and on the ES we missed the 72/73 Zone by 1 point. If 1057 is broken on the ES overnight session (currently 1059.75) we would expect a test of the 1049/1050 Zone before the US open. If 10,000 is broken on the YM we could test 9,954. It would appear that once again any chance of a rally lies in the hands of Asia and/or perhaps London. Sleep well..........




Pray Hard & Trade Safe!
CT

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