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« Emini Futures Trading / Will The Market Ever Drop Again? | Main | Emini Futures Trading / SP 1300 In Focus »

Emini Futures Trading / SP Closes At Multi-Year High

Again, Read the tape and quit trying to buck the trend…1300 is on the horizon

We walked into the morning session with the indices lower because the Bank of China raised there reserve requirement.  Asian markets were trading lower which set the stage for a lower opening.  Restricting the money supply put pressure on commodity prices overnight, especially gold and silver which couldn’t recover and finished the day down 2%-3% and on its backside for the week.  JP Morgan reported before the opening bell and beat expectations thus lifting financial stocks along the way.  Then we were hit with a slew of mixed economic reports.  Retail Sales rose 0.6% in December but missed the forecast.  Consumer Confidence fell to 72.7 from 74.5 but the street was expecting something better.  Consumer Price Index or CPI rose 0.5% in December, the largest increase since June 2009.  Whew, that was a mouth full.  How do you make a trading decision based on all that?  My advice, you don’t just look at a chart.

Now what?

So let me see here, some good, some bad and some mixed economic reports today and the market is punching out new highs.  Does this sound like something you read yesterday from me?????

Yes it is.  Note to self: Watch what the tape is telling you, go with the momentum and go with the trend until something changes.  The market will tell you when you’re wrong. 


Yesterday’s Chart – Today’s Action---


What’s the game plan for Tuesday?

No plan right now.  To eliminate the risk we will NOT commit to a long position over the weekend especially a long weekend.  The bias will be to the upside and we will expect the 1300 level to come along shortly.  The break and close above the hourly congestion and 1284.00 key level put the bulls firmly in charge.  We will look at this level as a potential set-up for support when we get back to trading Tuesday but I want to see what happens over the weekend.

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Stay Alert Stay Alive!

Burton R. Schlichter

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