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« Emini FuturesCast / The Daily Pod 04/012/11 | Main | Emini FuturesCast / The Daily Pod 04/11/11 »
Tuesday
Apr122011

Emini Futures Trading / GS Prophet For Profit?

E-Mini S&P 500: Self-fulfilling prophecies?

 Goldman Sachs talked and the market listened! No, this isn’t a commercial. News coming out on the wires last evening and this morning spoke of Goldman Sachs telling their investors to take profits particularly on Gold and the Crude Oil. What was difficult to figure out was if the market started the move down or the word from Goldman.  Yes, the prices were overextended!  The price of Crude Oil up around $110.00 did not make sense since we import the majority of our Crude Oil from Canada and Mexico. This market was fragile and just a signal from one of the largest wire houses caused the avalanche in the commodities sector. It was poised for a major move, but one can never anticipate the direction from which the market will react. Our economic reports have been mixed lately. The US Federal Government had caused some fears in not reaching a timely budget agreement till the last minutes. It is no wonder a major analytic firm should step forward to tell their investors to take profits. Across the board food products, energies and metals dropped. It will be contingent on demand as to whether support will now be established. Many traders are looking to bargain hunt, but simply want reassurance that the drop has subsided. On the Stock news; Alcoa Sales increased to $5.96 billion from $4.9 billion a year ago, but fell short of expectations.

Talks of a ceasefire in Libya is positive, but we still need to have both parties agree to the negotiations.

In Japan, the nuclear disaster is now being rated with Chernobyl,  in destruction  and the amount of radiation dispersed. 

Wednesday, we look forward to Business Inventories and Retail Sales at 7:30 AM CST.

BETWEEN the LINES

Our Sentiment Indicator turned Bearish mid-day last Friday and will remain Bearish on the open tomorrow unless we see price trade above 1314 and hold on tonight's Globex Session.


Wednesday, what to expect!  We are technically in second day sell mode. Yes, this market can go higher, but with continued light volume, may just be another sell opportunity! We anticipate this market to have an outside day on Wednesday! Today’s range was $1320.50 - $1305.25.  The market settled at $1308.25. Our comfort zone or point of control for this market appears to be $1311.50. Our anticipated potential range for Wednesday’s trading may be $1325.50  -  $1301.50. The market stays bearish below $1336.00. The E-Mini S&P 500  is postured to down trend! We look to sell the potential bounces!

 

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Best regards, 

Leslie Burton

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