Emini FuturesCast / The Daily Pod 05/18/11

(QQQQ)(DIA)(SPY)(GLD)(SLV)

by DeWayne Reeves

So this one voice in my head totally crosses the line and then the alpha voice puts us all in time out and I end up missing the entire Live Trading Room. Tip o' the hat to Michael and Burt who carried on as if they didn't even notice I was....   HEY WAIT A MINUTE!

I did make it in for the Live Public Radio Broadcast which you are about to hear as soon as you stop reading and click the little thingy. Still reading? We talked about the markets, took a visit to Cameraville, touted our tweets, meditated on the circle of life, applied the law of thermal dynamics to the cognitive behavior of old people (like me) and talked about how we just don't get out much anymore.

Does the noise in my head bother you?

The EIA data was released today showing a draw in Crude Oil of 15,000 barrels. The shorts sort of ran for cover as more of the markets rebounded from their lows over the last few days. The energies, metals and food prices popped. After having some of the major traders on Wall Street saying that they were backing away from commodities,  today, leaves one to think that they were only looking perhaps to buy lower. We are approaching the end of the stimulus program on June 30th. The Federal Open Market Committee may at any time tighten or change the monetary policy. That would change the commodities path drastically. We do not anticipate tightening until 2012, but as traders, know that we can only take the worst case scenarios of each trade and work back from that. Plan the trade and trade the plan!  Commodities are essential to recovery and demand growth. The energy prices have somewhat taken away from the growth picture in a sense as we start to look at inflation instead. The demand for commodities is healthy, people have to eat and they must travel! On the Stock Side:  Dell computer shares were up 5.8 to $16.82.  Analog Devices Inc. reported shares up 5.5 $42.46. The Dow Jones Transportation Average was up 1.6 .  Staples Inc. was down 15.5 to $16.60.  As of today, 471 of the S&P500 have reported earnings and 69% were better than anticipated. With some good numbers tomorrow or even just stable numbers, we could hold this level for a bit and possibly edge up a little higher for the moment.

Thursday, we have Initial Jobless Claims at 7:30 AM CST and Existing Home Sales at 9:00 AM CST.

Thursday, what to expect! We are technically still in sell mode on the Daily Chart! Thursday, we look for an inside to slightly higher day! Today’s range was $1340.50 - $1324.50.  The market settled at $1338.50.  Our comfort zone or point of control for this market appears to be $1332.50. Our anticipated potential range for Thursday’s trading may be $1344.50 - $1328.50. The market stays bearish below $1360.00.   

Last Night's Tweet's

S&P 500 Emini / ESEuro / 6E

From the Live Trading Room today...

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Podcast for Wednesday 05/18/11