Thursday, October 21, 2010

Emini Futures / Props To The Dollar

(QQQQ)(DIA)(SPY)(GLD)(.SPX)

Initial Jobless Claims today fell 23,000 to 452,000 as of October 16th. The US Dollar bounced after Timothy Geithner commented about the dollar not needing to drop further against the Yen and the Euro FX. Mr. Geithner was quoted in an interview saying. "Right now, there is no established sense of what's fair". Perhaps in tribute to the upcoming holiday El Dia de los Muertos, he is rumored to have also said, "We're encouraging our partners to put a little more flesh on the skeleton...". Last but not least we have it on good authority that he also uttered the following out loud, "If China knew that if it moved more rapidly, other emerging markets would move with them, it would be easier for them to move," Copy that Bejing?

Tomorrow, we have no major reports other than the Philly Fed Speech. This weekend, we have the G20 meeting in Soul Korea to discuss monetary policy to stabilize the currencies and the global financial markets. The G20 was established in 1999 in the wake of the Asian Financial Crisis of 1997. The G20 was set-up to create dialog and international co operation among the major nations. The values of the currency markets help establish trade expansion and growth for economies that may require support. The US Dollar is an important feature of the world marketplace. As of late the US Dollar has traded somewhat inverse to the E-Mini S&P 500. While we use our CFRN Weekly Trade Zones, it is good to be aware of the relationships between the varied markets and note the patterns of each corresponding market.

Our Weekly Trade Zone Support of $1165 - $1166 held today as the low of today’s trading session on the E-Mini S&P500 was $1167.25. We achieved the CFRN Weekly Trading Zones of $1172 - $1173 and $1182-$1183 today with a daily high of $1186.25. 

S&P 500 Emini Futures / ES

Tomorrow, be prepared for the possibility of an inside day. The E-Mini S&P 500 is postured to extend higher as it has penetrated the $1180.00 resistance. We look again for the CFRN Weekly Trade Zone support of $1165 - $1166 to hold and embrace the possibility for potential extensions of $1172 - $1173, $1182 - $1183 to $1189 - $1190 if the market breaks out further on hopes of additional Fed stimulus.


"I know God will not give me anything I can't handle. I just wish that He didn't trust me so much." - Mother Teresa

CFRN Trade of the Day 
We sold 1176.75 Limit / Market if Touched. We covered 1 tick above the Weekly Trading Zone at 1173.25.
#1) CF_MA1 -  Bearish
#2) CF Cycle - Bearish
#3) CF_DMT - Bearish Direction / Momentum / Trend Strength

Trade of the Day / S&P 500 Emini Futures

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