Monday, November 22, 2010

Emini Futures Trading / Bearish Bullish Or Both?

(QQQQ)(DIA)(SPY)(GLD)($SPX)

from the trading desk of CFRN... 

The case for the bears: The E-Mini S&P 500 fell today in the AM as the US Dollar rose on further concerns about Ireland’s debt bailout. The future of Ireland post-bailout is questionable and other Euro Zone countries with a similar balance sheet may be a concern. Portugal and Spain are potential debt challenged countries. As long as the US Dollar remains strong, it may pressure the E-Mini S&P 500. There was also an Insider Trading probe that dampened the buying interest early on.

The case for the bulls: Toward the afternoon, traders seemed to shrug off the Euro Zone debt problems and the Insider Trader concerns. The White House actually made comment to welcome the “bailout” for Ireland. Stocks seemed to boost the market with reports such as Chipmaker SanDisk gaining 6.5% and Netflix up 8.8% to name a couple. Going into a holiday, typically over the last 25 years, it seems that we could rally pre holiday exhilaration. The 600 billion stimulus, though overstated is still part of the potential recovery, so regardless of our economic reports or the Euro news, the Fed is there to catch us if we fall. 

Our Weekly Trading Zones nailed the top, the bottom, and an eye-popping 500k contracts exchanged hands right at the 1190/1191 Zone.

This week, we go into the “Thanksgiving Holiday” with some abbreviated sessions and reports shuffled around. Tuesday, we look forward to GDP and Existing Home Sales.

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CT

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