from the trading desk of CFRN...
Is that all there is....a Sluggish climb? Creeping forward on a layer of goo, their tell-tale slimy pathway trailing behind them—the way snails move has long puzzled biologists. Now economists and traders are equally baffled...
The E-Mini S&P 500 (March) crawled to new highs today, pausing and retracing to consolidate and trade sideways. The bulls controlled the market for the most part, but it seemed lethargic. We have upbeat consumer sentiment with the gradual economic recovery. The recent Tax Cuts have been digested and the stimulus may potentially create a positive tone for this market. Retailers boost their expectations for increased sales at this time of the year and exports have shown some recent increases. Export data showed $158.7 billion total with large numbers going to China and Mexico. Goods made in this country and exported are vital to increased jobs, funds coming into our US Monetary System and the development of personal wealth for our citizens.
Across the pond this week, we have experienced fears of contagion with the Ireland bailout still still to be voted on by the left opposition Labor Party. The ECB and IMF are in talks with the Euro Zone officials to work on some of the solutions for any potential insolvencies.
The US T-Bonds, US Dollar and the Gold Markets traded lower easing conditions for the E-Mini S&P 500 to extend into higher territory. The inverse relationship is in place, but the moves today were lack-luster.
The high of the day was 1 tick above the1235/1236 CFRN Weekly Trading Zone and the low of $1227.25 was a 7 tick overshoot of the 1229/1230 WTZ.
There are no US Economic Reports out Monday!
The trend is now higher for the near term as we had broke out to a new high on the March E-Mini S&P 500. $1231.50 appears to be a point of control or comfort zone for the market. We look forward to a potential higher to inside day on Monday! Our CFRN Weekly Trading Zones are $1235 – 36 and $1229 – 30 for Mondays trading.
Victory belongs to the most persevering. - Napoleon Bonaparte
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