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Wednesday
Mar232011

Emini Futures Trading / Triple Top - Pop Or Flop?

E-Mini S&P 500: Triple top pop or flop?  

The E-Mini S&P 500 had an inside to lower day that we did not anticipate, again with lighter volume.  This market needs to extend to new highs over $1296.50 to continue its bullish stance.  We still have the fighting in Libya which supports the Crude Oil to higher territory.  The Crude Oil is trading around $105.45, the previous high of July 2007 of $147.27 does not seem so terribly out of the question if this continues.  The E-Mini S&P 500 usually trades inversely to the Crude Oil. This has pressured our market and kept it from breaking out of the current range.  The Japan crisis may also support the energies as alternate fuels must compensate for the loss of the nuclear power that furnishes 25% of their electricity.  Globally, the market has jitters as waves of intense news keeps us wondering about the next shoe to fall.  The material, mining and energy stocks rose. 

The New Home Sales Report came in the weakest in seven years.   New Single-family Homes were down  16.9 %.   It is said that bad weather may have impacted the negative report.

Thursday, we look forward to US Initial Jobless Claims and Advanced Durable Goods at 7:30 AM CST.

BETWEEN the LINES

David Williams said he would like to get short at @1290. David Williams said he would really like to get short @1294. We told David Williams he just might get his wish. Our parting comment at the close is on the chart below... Manage it well.  dr


Thursday, what to expect! We are technically in buy mode and believe that this market may forge a path through the triple top. Today’s range was $1296.00 - $1279.00.  The market settled at $1292.00. Our comfort zone or point of control for this market appears to be $1288.00.  We may look to buy this market tomorrow! We view this as perhaps a possible buy set-up with a potential range of $1308.00 - $1284.00. Please note that timing is everything and while we may divulge a brief overview of what may affect tomorrow’s market, trade set-ups are strategically planned according to time and price action. In this marketplace, a trader needs to arm themselves with the weaponry to deploy into a complicated marketplace. The CFRN Live trading room is your boot camp for your commodity future.    

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Best regards,

Leslie Burton

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