Wednesday, October 13, 2010

Emini Futures / Buy High Sell Higher

from the trading desk of CFRN... 

Today the E-Mini S&P 500 advanced on its way back to the April/May highs! There were no real economic reports today. The US Dollar Index traded lower lending support to the market and the tangible commodities as well. News stories in the headlines keep the momentum going with the Federal Reserve coming up with fresh ideas to boost our economic recovery. We still look to China for balance in our trade affairs. The US still would like to see a stronger Yuan allowing the US Dollar to stay low allowing US Export trade to advance. China did help with the Caterpillar earnings report. Unemployment still is the most important element of our recovery. Tomorrow are the Initial Jobless Claims, PPI and US Trade Balance all coming in at 7:30 AM CST. Printed US Dollars may give us some comfort in US Government support, but US workers need to be employed. The upcoming election has challenges with our unemployment as some US Companies are outsourcing their work overseas. It will be interesting to see how these challenges are met as we progress with the election.

S&P 500 Emini Futures / ES

Technically, today we achieved our CFRN Weekly Trading Zone of $1175 - $1176. The next CFRN Weekly Trading Zone is $1193 - $1194. Tomorrow, in the midst of the Initial Jobless Claims, the E-Mini S&P 500 may advance to new highs. Even with a neutral to slightly negative report, the Fed may still announce stimulus plans that could shrug-off any bearish sentiment. If the market fails to advance past today’s high of $1181.00, the technical failure may be a trigger to induce a pull back to CFRN’s Weekly Trading Zone of $1167 - $1168. The market has reacted with strength and consistent volume. The trend is up for now.

Smooth seas do not make skillful sailors. - African Proverb

Gold Bubble? 
If there's even a dash of reality to this chart, we're not even out of the gate yet.

Gold Bubble - Seriously?

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