Tuesday, November 30, 2010

Emini Futures Trading / US Consumer Confidence Up - Markets Down


from the trading desk of CFRN... 

The US Dollar and Foreign woes pressure the E-Mini S&P 500! Turn around Tuesday turned into an inside day closing toward the low of the day! It was a bit disappointing as the US Consumer Confidence rose to 54.1 in November. PMI also came in positive with a rise to 62.5. Concerns over sovereign debt seem to loom pressuring the stock indices. Even with the Ireland bailout, jitters about other countries such as Portugal and especially Spain give the market fear and uncertainty. The US is committed to its recovery, but ever present Global concerns such as the conflict between North Korea and South Korea create further duress to the E-Mini S&P 500. The stronger US Dollar Index often will work inversely to the other markets. The safe-haven products are typically the US Dollar, US T-Bonds and Gold. In times of crisis, these markets may potentially move higher suppressing the moves of the stock indices.

The high of the day was $1188.25, while the low was $1173.00 inside yesterday’s range. The CFRN Weekly Trading Zone $1187.00 - $1188.00 capped the market on the upside and the $1173.00 - $1174.00 Weekly Zone held the downside.

US Economic Reports out Wednesday:  
Construction Spending and ISM Manufacturing at 9:00 AM CST.

The trend remains down, but this market is due for a bounce! $1181.00 appears to be a point of control or comfort zone. This market is coiling, should the market penetrate $1170.00, we could see the CFRN Weekly Trade Zone of $1160.00 - $1161.00. Toward the end of the week, we anticipate some bullish US Reports, it will be interesting to see what a difference a day makes.

The man who never makes mistakes loses a great many chances to learn something. - Unknown

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S&P 500 Emini Futures / ES

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