Saturday, October 30, 2010

Emini Futures Trading / GDP Rises

from the trading desk of CFRN... 

October ends with a 66 point range - Trick or Treat? The month of October had a high of $1193.00 and a low of $1127.00. While this fall has been fairly quiet trading, the month of November with the Election and the FOMC Meeting may lead to some wider swings. Our Gross Domestic Product (GDP) rose 2.0 percent as consumer spending quickened its pace. Our imports are still exceeding our exports, but the recovery, although slow, is still forging ahead. Today’s range was $1182.50 – $1172.00, staying within last evenings CFRN Report noting that the comfort zone or point of control for this market seemed to be the CFRN Weekly Trade Zone of $1178 - $1179. Certainly, trading seemed light and the market coiled the majority of day ahead of next weeks two main events. 

Elections can always be a surprise and the Federal Open Market Committee Meeting may keep things mild only to make an announcement at a later date. We anticipate the worst and hope for the best and may find disappointment in either case. Fund Managers and speculators alike still need to make money, so once the potential direction of the government is in place, the market may start to trend or least make wider swings. Sunday evening, we may see higher trade. Monday, we look forward to Personal Income at 7:30, Construction Spending and ISM Manufacturing at 9:00 AM CST.

S&P 500 Emini Futures / ES

We could potentially see higher numbers toward $1190.00 on Sunday Evening and end Monday’s trade session on the lows. One cannot trade well in an environment of fear or anxiety.

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