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Wednesday
Mar092011

Emini Futures Trading / Big Move On Tap

“Coiled up” and ready to burst???

The E-Mini S&P 500 seems coiled up and ready to burst or spring!  The market seems perplexed today as the narrow range portrays an apprehensive market that is awaiting a cue.  Perhaps, E-Mini S&P 500 traders are having difficulty interpreting the data on the Crude Oil as Maummar Gaddafi holds his tenure while the Libyan Rebels continue with their plans to oust him.  The battles are still going on as the US can only look on as our goal is to walk softly in the Muslim World.  Our interference may lead to repercussions on our soil.  The EIA Report came in showing increased builds in the Crude Oil to 2.5 million barrels from the previous week.  Opec Leaders have withdrawn their potential increase in production possibilities.  It is doubtful that anything will be done to curb the high oil prices quite yet.  It is more likely that the market will absorb it to a certain degree.  Some months ago, an Opec Leader had stated that he projected Crude Oil prices to $100 and here we are.  The inverse relationship between Crude Oil and the E-Mini S&P 500 may go through  time passages that may have the price action parallel.  One cannot rely on any one factor in trading.  The information, the charts and the CFRN Indicators are not static.  While one cannot regard any price action constant, the indicators may act as a constant tool in making more sense out of the market moves

Today’s Wholesale Inventories increased 1.1 to$436.88 billion the highest since November of 2008.  Texas Instruments stock fell 3.1 to $34.74.  The PHLX semiconductor index fell 3 %.  

Tomorrow, Thursday, we look forward to the Initial Jobless Claims and US Trade Balance  due out 7:30 AM CST!

Thursday, what to expect!   The coil is in place and now is the time for this market to break or break-out.  Today’s range was $1325.00 - $1311.50.  The market settled at $1315.00.     Our comfort zone or point of control for this market appears to be $1318.50.   The official game changer is the slip below $1298.50.  We remain bullish as long as we stay above this level.  To continue a bull run, this market needs to break out above the previous $1342.50.  $1344.50 is our potential predicted high while $1309.00 is our potential low for Thursday.  It would not surprise me if the market had an outside day tomorrow.  It may break and set-up for a sell while it dips and bounces to potential highs.  We have a Middle East crisis, debt ridden countries in Europe, Inflation concerns and a focus on the US Job market.  

 

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Best regards,

Leslie Burton

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