Tuesday, October 12, 2010

Emini Futures Trading / FOMC Minutes Released


from the trading desk of CFRN...
This morning the market was quiet in the wake of the FOMC Minutes. Traders in the E-Mini S&P500 stayed in primarily a 10 Point range until 1:00 PM CST as the FOMC minutes were released. Once the uncertainty that comes with a Fed day was out of the way, the E-Mini S&P 500 took off as the weaker US Dollar supported the higher trade. We reached $1169.00 by 2:30 and pulled back with traders covering their positions coming out of today’s session. The Federal Reserve again remained committed to stand behind the recovery if additional stimulus is needed. Those have been “magic” words as of late in the midst of an uncertain housing market and a declining job market. Tomorrow, we have no major US Economic Reports due out. The American Petroleum Institute releases inventory data later in the day. 

Technically, the E-Mini S&P 500 remains in a bullish posture. The CFRN Weekly Trading Zone of $1167-$1168 level was achieved. $1161 - $1159 is the new support if we stay on course. Potentially, our Weekly CFRN Trading Zone of $1175 - $1176 may be the next level for the E-Mini S&P 500. 

S&P 500 Emini Futures / ES

It seems that the investors are moving money into the commodities sectors, which is a boost for food and fiber products. The cheaper dollars and the idea that more may be printed may take the tangible goods higher. Gold is regarded as a safe haven and a currency thus giving us pause as to how the investor will support the Gold market at these prices. 

Our attitude is the primary force that will determine whether we succeed or fail. - John C. Maxwell

CFRN Weekly Trading Zones are emailed to members prior to the open every Monday.

Pray Hard & Trade Safe!

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