Emini Futures Trading / Power Play
February 13, 2011 at 5:33 PM E-Mini S&P 500-Power Play?
The E-Mini S&P 500 paused with uncertainty earlier this week! There was uneasiness about the unrest in Egypt as traders seemed to venture away from the potential risk. Friday, President Mubarak agreed to resign and turn over his power to the Military Government! This shift in power led to traders shifting into the risk products again. Crude Oil and Gold did not benefit from the shift. The market still will look for the transition of power to estimate the ease of the shift. Egypt is a vital ally to the US among the Arab countries and the relationship will determine any duress in the oil importation to the US. While the “power play” is going on in Egypt, our E-Mini S&P 500 had one of its own Friday reaching a high of $1328.75. This move broke the market out of the channel that it held all week. The low of the day was $1310.00 and we closed $1227.25. The Consumer Sentiment was up to an 8 month high in February.
There are no major US Economic Reports due out Monday!
What to potentially expect Monday! $1307.50 becomes key support with today’s action. The top of the day may be $1329.50. The point of control or comfort zone of the E-Mini S&P 500 may be $1319.50 for Monday’s trading! We expect a continuation of the move...
"Sometimes a player's greatest challenge is coming to grips with his role on the team."
Scottie Pippen
Best regards,
Leslie Burton
Senior Market Strategist
emini trading, sp emini
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