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« Emini Futures Trading / Dow 12,000 Now What? | Main | Emini Futures Trading / PPT Hard At Work Ahead Of Speech? »
Tuesday
Jan252011

Emini Futures Trading / Dow 12,000?

Stuck in the mud but traders eyeing 12,000 in DJIA!

Traders’ hedging their bets going into tonight’s Presidential address and tomorrow’s FOMC meeting created a late surge in the SP EMINI offsetting disappointing earnings, overnight news out of the UK and overnight weakness in commodity prices. The trading day started in the hole when commodity prices fell with metals and energy weighing on the sector. Also weighing on the SP EMINI last night,  U.K. data showed that the economy across the pond was contracting at a rate not seen since 2009. Disappointing earnings from notables like 3M, JNJ and American Express weighed on stocks. 

A bright spot mid morning was Consumer Confidence which reported a figure of 60.6 above the expected 53-54 level. The SP EMINI popped but succumbed to the disappointing earning news. Weekly Trading Zones (WTZ) at 1280/1281 and the 1287/1288 levels were present and created a few opportunities for members. Using the CFRN indicators along with David William’s intraday “reflective wave” bottom, traders were able to take advantage of long opportunities off todays low.

From a technical standpoint we still have the bears and bulls fighting it out in this range. “When in doubt stay out” until we get some clarity.  All bets are off until after the FOMC meeting tomorrow so the trade should be technical in nature leading up to the 13:15 CST announcement.  Look for the 1282/1280 level as early support and the 1292/1294 as early resistance.  Notice the common denominator “early” that means before the report, the ranges should expand when everyone tries to interpret the Fed’s next move. 

Trading Rule 101:  Leave your opinion at the door.  Try not being an economist tomorrow and “read into” the report. Chances are you’ll just get your butt handed to you.

 

Stay Alert Stay Alive!

Burton R. Schlichter
Daniels Trading
Senior Market Strategist

 

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