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Wednesday
Mar022011

Emini Futures Trading / Mideast Tension Continues - Dateline 3,000 B.C.

Follow the yellow brick road…E-Mini S&P 500!

The Beige Book summary released today had shown that economic activity is on an upswing with retail and manufacturing expansion!   It is a commonly used name for the Fed report called the Summary of Commentary on Current Economic Conditions by the  Federal Reserve District.  It is published just before the FOMC meeting on interest rates and may be viewed as a gauge to inform the members of changes in the economy since the last meeting.  Even more importantly the ADP figures for Private Sector Jobs may be used to add or subtract the forecasts for Friday’s US Unemployment.  Employers added 217,000 jobs in February above expectations.   This is fairly positive and bodes for a better Non-Farm Payrolls Friday, but another concern is that the jobs may be temporary and not permanent!  Even with the pleasing US Report, we still look to the turmoil in the Middle East for direction. 

The Crude Oil and the E-Mini S&P 500 have somewhat of an inverse relationship.  As the Crude Oil prices escalate out of control, the fears of unrest and inflation come into the marketplace.  Maummar Gaddafi has vowed that US and/or NATO intervention may lead to bloodshed.  He has resisted the appeals of the US, Europe and his people to step down and so far has resisted.  He, as a matter of fact, has his troops fighting to re-acquire the oil producing zones previously lost to protestors.  His regime has lasted 40 + years.  Saudi Arabia has agreed to produce more oil, but our inventories this week has shown draws in the primary sections.  We have concerns that the unrest may expand to other countries or even the US.  We have a fine line to walk in dealing with these non-domestic issues. 

Tomorrow, we look forward to the US Initial Jobless Claims at 7:30 AM CST and ISM Non-Manufacturing Index at 9:00 AM CST.     

Between the Lines

Tomorrow, what to expect!   Our “Sentiment Indicator (CFRN)”  said to sell the E-Mini S&P 500 at $1312.00!   We continue to look for a bearish trend.  The high today had been $1313.75 and the low $1296.25.  We settled at $1305.75.  Our comfort zone or point of control for this market appears to be $1306.00.   The official game changer is the slip below $1294.25.  We remain focused on our previous strategy of selling this market around $1312.00.  $1288.00 may be the next support if it penetrates the $1294.25.      CFRN members I want you to look at your “Sentiment Indicator” tonight that will give you your first clue.  Don’t have this indicator?  Join us in our LIVE TRADING ROOM.

 

A wise man will make more opportunities than he finds.
       - Sir Francis Bacon

 

 

Best regards,

Leslie Burton

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