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Emini Futures Trading / SP Emini Posts New Multi-Year Highs

Quit Trying to Sell This Market!!!

Despite China raising there bank reserve requirement overnight and antigovernment demonstrations in the Middle East, the SP EMINI market posted new highs. The US market felt a little heat overnight when the Bank of China made the announcement but good earnings from Caterpillar (CAT) and other corporate news pushed the market higher. Today the volume was light with this move higher and the VIX is gradually growing.  A higher VIX means the “fear gauge” is building up at these levels especially going into a 3 day weekend.  Some commodities were BIG winners today Silver (31-year high) and Crude Oil.  Weekly Trading Zones (WTZ) which are published for “members only” on Sunday night came in at 1340/1341 on the top end today and 1334/1335 on the bottom end.

Between the Lines

Here's what our partners saw before the market opened last Monday.

When the market opened last Sunday evening we were between zones. On Monday we never touched a zone. (quite rare) Tuesday we touched the 1322/1323 WTZ twice. A very nice double bottom. The double bottom is not the point. The point is we touched a WTZ. On the chart above you see that point of contact labeled as A. From A you expect to go to B. Right? Where is B? Look at the chart. (keep in mind that A to B was worth 11 points zone to zone) From B one could only expect to proceed to C correct? Of course. Did it? No. Did it try? Yes. Did it try more than once? Yes. Did it fail both times? Yes. Were both attempts worth at least 5 points? Yes. Am I saying you can profit from a failed attempt? YES!

So what happened next? B failed twice to get to C so it finally moved on to D? Well, yes. Based on the alphabet as we know it D comes next and since B never fully made it to C after 2 attempts, we measure the move from B to D which is 5 points. We then see that D went 5 points back to E and then E traveled 5 points to F. (to the tick)

There is no disputing what the chart shows. There is no disputing the numbers we published to Partners before the market opened last Monday. The only real question is were you able to trade the numbers?

Well.... "Were you?"

Begin your jouney today towards a CFRN Partnership with a 1 week free trial.

If you apply within the next 24 hours, you will have the WTZ's before the market opens Tuesday. Once you have 'em, you can trade 'em? Drop into the Live Trading Room and we'll show you how we do it. We also publish Weekly Trading Zones for Crude, Euro Futures, and the Dow Emini. There's a rumor afoot that we might even publish numbers for Gold this week. Stand by Partners...

Personal note:

The Keri Jobe concert tonight was awesome! Even more awesome was meeting our friend and CFRN Partner Jeff. If you follow us on Facebook or Twitter ( @cfrn #karijobe ) you saw it unfold in real time. My only regret is that I didn't get a photo with Jeff.

CT out of the cave on a Saturday night.


Small tidbit:  “Full moon” starts tonight. 

Technically speaking the SP EMINI is still bullish.  Regardless of phrases like low volume, higher VIX readings, Middle East uncertainty, overbought, inflation and mixed economic news the chart is still pointing higher.  The money has been made “buying dips” and going with the trend.  Are you selling rallies and trying to pick tops????? If so, visit us at www.cfrn.net and our “training room” will point you in the right direction!  The close above the daily pivot today and on a weekly scale still has the SP MINI market in a bullish formation.  Pullbacks against 1332/1331 and 1325 area will be viewed as support on Tuesday.  On the top end of the chart 1350 then 1363 and 1374.50 is fair game.


Words of wisdom: buy dips but make sure you have stops in place.  Once this market does decide to correct you’ll be happy you limited your risk.



Stay Alert – Stay Alive!

Burton R. Schlichter
Daniels Trading

Reader Comments (1)

From Jeff K the partner: GREAT TO MEET the infamous ct@cfrn ,, only through
The grace of God I found him,,, I just about gave up and ready to walk out the door and I spotted him ,, very nice man
btw: a very spiritual concert with KARI...

Feb 20, 2011 at 11:46 | Unregistered Commenterjeff k

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