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Friday
Jan212011

Emini Futures Trading / Swing Batter Batter

(QQQQ)(DIA)(SPY)($SPX)(GLD)

Which way do I go, which way do I go? Without any major economic news today the focus was on earnings and the chart. The big news which drove the Dow to new highs was the earnings surprise from GE; the stock was up over 7% today. Bank of America (BAC) reported a 4th quarter loss and was down 2%.  The technology sector or the Nasdaq was weighed by the semiconductors. As a whole we had a divergent market, the Dow pushed higher and the Nasdaq dropped lower putting the SP EMINI in the middle of the tug of war. Technically speaking we hit several key levels so there was plenty of volatility which = opportunity.  The Weekly Trading Zones (WTZ) at the 1284/1285 level and the 1280/1279 level offered opportunities to the CFRN listeners.

Between The Lines

Did today’s action offer any clues to what might happen on Monday??????

ABSOLUTELY NOT! Why? I’ll tell you...

You can make a bullish and bearish argument if you dissect the trading activity in the past 3 days.  Bears argument:  Wednesday outside reversal day or engulfing pattern for one.  That means we produced a higher high, lower low and a lower close.  Bears could sell rallies all day today against 1285(WTZ) and 1288/1289 level without damaging the pattern.  That’s what happened today and the energy that was produced coming off the 1288 resistance level will make the bears feeling comfy cozy going into the weekend.  Bulls’ argument:  Yesterdays reversal pattern off the important 1268.50 level to start (if you don’t know why this level was important you need to take the Free Trial) and the close above the 1275 level or the daily pivot gave the bulls some satisfaction going into the weekend.

 What advice can you give me for Monday?

 “When in doubt stay out” for now.  Maybe the action Sunday night will offer some clues.

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Stay Alert Stay Alive

Burton R. Schlichter
Daniels Trading
Senior Market Strategist

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