Monday, October 18, 2010

Emini Futures Trading / Reporting From The Zone

(QQQQ)(DIA)(SPY)(IBM)(APPL)
from the trading desk of CFRN... 
This morning the SP Emini market labored after mixed economic results.  Industrial Production and Capacity Utilization missed analyst expectations and disappointed however the NAHB Housing Market Index shined climbing in October, its first rise in five months. Once the market filtered out the economic data the SP Emini finally received a boost from Citigroup earnings.  Better than expected results pushed the financial stocks higher and the SP Emini into one of the Weekly CFRN Trading Zones or 1182/1183 level.  The CFRN Weekly Trading Zones were well represented today, in the SP Emini the 1165/1166 level was near the session low and the 1182/1183 was today’s hi.  The late sell off was profit taking ahead of IBM and Apple earnings and will create some volatility overnight.

S&P 500 Emini Futures / ES / Weekly Trading Zones / Blow It Up
As the above chart highlights, price moved from Zone to Zone to Zone. The open Sunday night was the 1172/1173 level. London opened and price bottomed out at the 1165/1166 level. Prior to the open on Wall Street price spent 3 hours back at the 72/73 Zone before finally catching a bid which began a grueling slow grind higher that culminated with the high of the day coming in at exactly the 82/83 zone. What it took the market an entire day to accomplish on the way up, was completely undone in just over an hour and at the time we snapped this photo, we were resting comfortably back in the arms of the 72/73 Weekly Trading Zone. 6 hours later we are still trading 1173.50 in very quiet Globex fashion awaiting the London open and the beginning of a fresh new day of opportunities here at CFRN.


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Trading is not easy, but it can be simple.

 
 

Pray Hard & Trade Safe!
CT

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