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Wednesday
Nov162011

Emini Podcast / The Daily Futures 11/16/11

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

So what in the world could 3 guys manage to talk about for 2hours:24 minutes:16 seconds?

The President, No Child Left Behind, Going Comatose, Thrashing on the Floor, and somewhere near the end we actually got around to the markets. David called a nice top while we were live and I laid the groundwork for a very nice 10 point Zone to Zone short as we signed off. (whew)

On the lighter side -

A warning from Fitch Ratings that large U.S. banks could be hit hard if Europe's debt crisis spreads sent stocks falling late Wednesday. U.S. indexes were moving between small gains and losses before Fitch released its report around 3:15 p.m. Eastern time. The Dow was down 36 points with an hour of trading left, then plunged to end the day down 190.

Oil prices hit $100 a barrel on today after a six-week surge that may drive gasoline prices higher in coming months and slow the fragile economic recovery. For now, there a few reasons to explain why oil jumped 30 percent higher since early October.

The euro is at five-week lows versus the dollar and yen in Asia as bond market turmoil spread across Europe, sparking calls for the European Central Bank to intervene more forcefully in markets. Investors were also nervously watching to see how German financial markets will react after Moody's cut the ratings of 12 German public-sector banks, believing they are likely to receive less federal government support if needed. The euro stood at $1.3441, versus $1.3492 late in New York, not far off Wednesday's trough around $1.3430 -- a low not seen since Oct. 10. Support is seen at $1.3399, a level representing the 76.4 percent retracement of the October rally, ahead of $1.3375, the 78.6 percent retracement.

Here's the 10 point Zone to Zone drop that just kept dropping -

 

Here's a look at where we are tonight on Globex -

Notice the smaller bodies on the candles? Even a wee bit of green and a bounce so far (7:30pm EDT). We will possibly send out an alert later tonight but not just yet. If we hold here and move higher with conviction that's another story. I'm just not sure it's over. In fact, unless we suddenly surge upwards, I have a keen interest in Selling 1226.75 Stop with a target at 1224.00. If this scenario should unfold I will watch for consolidation @ 1222/1223 and be quite interested in Buying the Bounce with a target between 10-20 points. Globex markets can move fast and furious on thin volume. Always use a hard stop. Trading is risky and you can lose all your money.

 

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Podcast for Wednesday 11/16/11

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