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Tuesday
Feb152011

Emini Futures Trading / Asia Rallies On Globex


Bears Win Tug of War Today

Today’s disappointments were Retail Sales and the energy complex.  A modest 0.3% rise in retail sales for January and a December lower revision dampened the bull spirits.  In addition, Import prices rose by 1.5% in January as the cost of food and energy has skyrocketed.  The energy complexes including the refiners were down and indirectly weighed on the SP EMINI.  Crude settled at a multi week low, gasoline dropped over 1% as supplies build and demand remains low.  The 1:1 Gasoline Crack is at an abnormally high level and there was some unwinding of that spread which in turn weighed on refinery stocks and ETF’s like OIH.  Technically speaking, the SP EMINIS inability to sustain a rally over the CFRN Sentiment indicator or the 1327/1328 level gave the BEARS the upper hand on the close this afternoon.  The Weekly Trading Zone (WTZ) 1323/1322 level acted as key support today which was announced yesterday to those lucky readers. Sentiment quickly reversed to Bullish on the Asian session. If London confirms, tomorrow could bring new multi-year highs to Wall Street.

Between the Lines

SP Emini Daily Recap / 02/15/2011 from DeWayne Reeves on Vimeo.

Daily video recap of the SP Emini, Dow Emini, Euro FX, and April Crude as seen through the eyes of the CFRN Indicators.

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 I am a SP EMINI trader what should I expect for tomorrow?

Tomorrow we should have an action packed day of economic reports.  Housing Starts and Permits, Capacity Utilization and Industrial Production and the Producer Price Index (PPI) are high impact reports and should rock the boat. Remember despite bad economic data in the past (uhhh Unemployment) this market has been running on one thing POMOSo lets dissect the chart and see were this market might go tomorrow.  From there we can start framing out our trades using the CFRN Indicators or you own trading tools.  Initially let’s view 1319 or 1315/1316 levels as support for tomorrow and if everything frames up right at these levels I would look to probe the long side.  If you’re waiting for confirmation, trades above the 1328 area would give me reason to be aggressive and bring up my entry points to get long.  Trades above this pivotal level could open the door for a run to the 1335/1336 level were the market could run out of gas.  Common denominator, I’m still buying dips until something changes. 

 

Trend is your friend til it's not.  Use stop losses

 

Stay Alert Stay Alive

 

 

Burton R. Schlichter
Daniels Trading
Senior Market Strategist

1-866-928-3310

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