Tuesday, October 26, 2010

Emini Futures / Consumer Confidence


from the trading desk of CFRN... 

Consumer Confidence was better than last month at 50.2, better than expectations, but still at historically low levels. The E-Mini responded slightly positive with little momentum to enter into the CFRN Weekly Trading Zone of yesterday $1185 - $1186. The US Dollar Index pressured the E-Mini S&P 500 as it strengthened today. Japanese Vice Finance Minister Igarashi stated that the currency-market is most effective when it’s a surprise, which leads us to believe that Japan may possibly revalue the yen. Earnings reports were mixed. President Obama today met with US Business Leaders from Boeing Co., General Electric and Honeywell International in India. The focus is still on the US Dollar, but the commodities are realizing an inflow of investment money from funds. Foods and energies and many of our resources have become alternative investments for investors. Friday we will be looking at the GDP numbers, about 70% represents consumer spending. It is hard to believe this report may come in better, knowing that our unemployment is still an issue. This key report ahead of next weeks election and the FOMC may cause some erratic trading on Friday. Today, we stayed above the CFRN Weekly Trading Zone of $1178 - $1179 as anticipated. On the Globex open, price ran to the 1185/86 Zone and was promptly rejected back to the 1178/79 Zone. Tomorrow, we anticipate a range within the combined last two day ranges $1193.00 as the potential high and $1174.00 being the potential low. Advance Durable Goods are reported at 7:30. New Home Sales at 9:00 AM CST.

S&P 500 Emini Futures / ES

Tomorrow, we will look to the CFRN Weekly Trade Zones of $1185 - $1186 and potentially $1178 - $1179. Traders are looking often to garnish smaller gains in the E-Mini S&P 500. The smaller potential gains typically will call for shorter time frames in the market. We will focus on the smaller time frames and smaller potential profits/losses by using our special CFRN Indicators…tune in at CFRN.net.

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