from the trading desk of CFRN...
Inside Day today leaves speculators uneasy! Yesterday, we were off to a great start with the E-Mini S&P500 reaching a high of $1272.50. Turn-around Tuesday somehow lacked the enthusiasm. We fell short of the optimism hitting a high of $1270.00. Note the low of the day was still higher than yesterday; hence, an “Inside Day”! Analysts may view the day as profit-taking as the extension yesterday from the December bullish trading in the E-Mini S&P 500 warranted some profit-taking. Another thought may be that the tangibles such as Crude Oil and the Agricultural Markets may have been pressured by the stronger US Dollar. Factory Orders rose, but the Federal Reserve Officials still find the economic recovery weak. The major concern is still unemployment. Until we see a sustainable growth that employs the varied sectors with full-time work, we still are vulnerable.
Tomorrow, we look forward to ISM Non-Manufacturing Index at 9:00 AM CST. The market seems to look forward to the Initial Jobless Claims Thursday to confirm any bullish sentiment.