Monday, November 29, 2010

Emini Futures / Markets Stage Late Day Rally


from the trading desk of CFRN... 

Stock Indices shrug-off Foreign Tensions and Debt Woes on Cyber Monday! Cyber Monday was mostly a consolidation to higher trade as the E-Mini S&P shrugged off the tensions between North and South Korea and the US involvement. We also minimized the Euro Zone’s debt woes even with the thoughts that the debt crisis is not over with a bail out plan, but may spread.

We were trading $1172.25 at 9:00 AM CST and from there we coiled and broke out of the at about 1:30 PM CST. By 2:45PM CST, we hit $1190.00 and finally closing $1186.50.

The US Dollar closed up another day ignoring any inverse relationship that it typically held; particularly the Crude Oil as we hit a high of $85.90. We may see further relationships changing between the markets.

The high of the day was $1193.25, while the low was $1172.25, lower than that of Friday. The CFRN Weekly Trading Zone $1191.00 - $1192.00 held on Globex and the $1173.00 - $1174.00 Zone held as the low of the day. The afternoon rally stalled at the $1187-$1188 Zone where the market continues to consolidate on the overnight session.

We have US Economic Reports out Tuesday:  
Chicago PMI and Consumer Confidence at 9:00 AM CST.

The trend remains down, but we could see more of a bounce if the Consumer Confidence and Chicago PMI are decent! The market has shown amazing resilience in light of all the global news. Perhaps, the news is like implosive therapy. If we are saturated with negative conditions, we may view them as commonplace. The bulls may be waiting for potential buying opportunities. Any global news overnight, if severe enough, may still overcome any bullish sentiment. $1184.00 appears to be a point of control or comfort zone for the market.

There are costs and risks to a program of action, but they are far less than the long-range risks and costs of comfortable inaction. - John F. Kennedy

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