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Wednesday
Feb162011

Emini Futures Trading / Mid-East Tension


E-Mini S&P 500-Tensions heat up in the Middle East!

 The E-Mini S&P 500 reached a high today of $1336.00. The volume increased. Tensions between Israel and Iran started to heat up as Iran’s War Ships are en route to Syria. Israel’s Foreign Minister regarded the voyage of the two Iranian War Ships as “provocation” by Tehran. This is a news story that could affect the US to a great extreme as the alliance between Israel and the US is so strong. Hopefully, the voyage will be viewed as a navigational slip and perhaps this could blow over as opposed to blow up.  We still are reeling on the riots in Egypt and now have further revolts in Iran, Yemen and Bahrain.  This brings up thoughts on Crude Oil shipments to the US and whether this turmoil will have some effect on our supplies. This also may weigh on the E-Mini S&P 500. The market has been extremely strong shrugging off the worst of reports and unrest globally. Here Dell Inc. had their shares up 11.9 .  Producer Price Index was up .8 in January. Housing Starts rose 14.6 . Industrial Production slipped by .1 .

Tomorrow, we look forward to CPI, Initial Jobless Claims and Real Earnings at 7:30 AM CST.

Between the Lines

S&P Emini Daily Recap / 021611 from DeWayne Reeves on Vimeo.

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What to potentially expect Thursday!  Tensions between Israel and Iran could derail the E-Mini S&P 500 trend line! We do need to keep this in check. Note yesterday’s CFRN commentary and the resistance of $1336.00. We may retrace or back and fill or pause as the market may simply need to retrace.  Today the low was $1325.75 and the close was $1333.00. Tomorrow, we may use the resistance of $1336.00 and look to potential support of $1318. The point of control or comfort zone of the E-Mini S&P 500 may be $1331.75 for Thursday’s trading!  We expect a continuation of the move today, but maybe later! If this market can break through the $1336.00 level, we look to $1339.50 becoming the new resistance. 

 

We must become the change we want to see.

Mahatma Gandhi 

 

Best regards,

 

 

Leslie Burton

Senior Market Strategist

Daniels Trading

 

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