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Thursday
Feb102011

Emini Futures Trading / Altitude or Attitude?

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

E-Mini S&P 500- cannot retain the altitude?  

The E-Mini S&P 500 tried to soar to the highs, but it took from early morning to almost the close to reach the high of $1320.50. The gravity of Cisco Systems Inc.'s weak earnings down 14% decelerated any potential ascend of the E-Mini S&P 500. If the lift of this market cannot climb through the previous high of $1322.25, we could see some topping action and a potential descent. Wal-Mart Stores Inc and Kraft Foods Inc came in with less than desirable earnings. Pepsi Co reduced their growth earnings (even after a cameo appearance by their CEO on Gossip Girl) and Credit Suisse missed their profit marks.   

President Mubarak from Egypt announced that he would be handing over his super powers to the Vice-President and would be addressing his people and their demands shortly. The unrest in Egypt causes uncertainty in our markets as traders may be concerned over further potential unrest in other countries and the relationship between the US and Egypt.

NYSE volumes have shrunk significantly of late, running as low as 30% below average. Whatever the reason, higher highs on low volume is generally not a positive sign. the insider sell/buy ratio, which last week saw extreme numbers on the sell side at 434:1.  For the week, $1.7 million worth of stock was bought in sixteen separate purchases, while 126 sales totaled just under $750 million. Total NYSE margin debt printed at $276.6 billion, its highest reading since September 2008, though not yet the ultimate highs reached in June 2007. The S&P 500 is now trading two full standard deviations above its 50 day moving average. Without more altitude institutional and retail traders are bound to cop an attitude. 

The US Initial Jobless Claims reported that unemployment benefits dropped by 36,000. 

The high today was $1320.50 and the low $1308.50.  We closed at $1318.75.

 

Between the Lines

Tonight wraps up our 5 part series where we've taken apart the CFRN Emini Indicator Set piece by piece to show you just what makes it tick. Tonight we look at the last of the Big 5, the CF_DMT. Contrary to scuttlebutt over at GS, DMT is not the new designer drug becoming popular amongst Wall Street's elite, however at first glance it may remind you of Wavy Gravy or your first Dead concert.

DMT stands for Direction / Momentum / Trend. The DMT is not a trade trigger. The DMT is a confirmation tool. It confirms a move that is already under way. On the chart below that will become evident by each swing I've highlighted. Now just because the DMT is slow to get up off the couch, doesn't make it any less intelligent than the other 4. He's just harder to convince than the other guys. The first 4 indicators we covered in this series will all work together to get you into the trade, but when the DMT steps onto the field - "We got a Ball-Game".

In case you missed my dissection of the other 4, here they are again -

CF_Cycle

CF_TC

CF_SR

CF_MA1

Also, you can click the YouTube tab on the toolbar below. Michael has created a video explaining each indicator. We won't go into detail tonight on the Weekly Trading Zones as we've pretty much waxed eloquent on those every day for the past year. The photo tab below will bring up WTZ charts for you.

What to potentially expect tomorrow! $1305.50 becomes key support with today’s action. The top of the day may be $1324.75. The point of control or comfort zone of the E-Mini S&P 500 may be $1315.75 for tomorrow’s trading! If the market cannot penetrate $1322.25, we may find some topping action and a potential correction.

 

“You can never cross the ocean unless you have the courage to lose sight of the shore.”
-
Christopher Columbus 

 

Burton R. Schlichter
Daniels Trading
Senior Market Strategist

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Podcast for Thursday 02/10/11

References (3)

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    Emini Futures Trading / Altitude or Attitude? - emini news blog - Emini Trading
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    Emini Futures Trading / Altitude or Attitude? - emini news blog - Emini Trading
  • Response
    Emini Futures Trading / Altitude or Attitude? - emini news blog - Emini Trading

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