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Thursday
Apr282011

Emini Futures Trading / Markets Surge On Earnings

E-Mini S&P 500: The stirrings on the earnings foster the surge up!

The E-Mini S&P 500 is in the whirlwind of earnings reports coming in to inspire and elate traders! The Dow Jones Transportation Average was up 1.2 percent to 5,510.06 which is made up of airlines, shippers, railroads and truckers. This particular area is of concern with the rising oil costs and a positive report is very appealing in this inflationary environment. PepsiCo Inc. and Coca Cola reflected earnings above the forecasts. Other companies such as Procter & Gamble lowered their profit forecast due to the higher cost of doing business. We are encountering an array of mixed economic reports and earnings report. It is important to keep up with market sentiment, but not to over analyze the fundamentals  as the market may act independently of these reports. Insurance companies are reporting stronger earnings beyond analyst expectations. Starbucks may come in lower than expected as coffee prices have extended to  all-time highs. Inflation has risen more than usual within the last 2 ½ years as of late. The GDP slackened to a 1.8 percent annual rate while analysts expected a 2% annual rate. Initial Jobless Claims were up 25,000 to 429,000 up from last week’s 404,000. 400,000 or lower typically represents steady job growth 

Friday,  we look forward to Employment Cost Index and Personal Income at 7:30 AM CST. Chicago PMI is at 9:00 AM CST.

 

BETWEEN the LINES

Today's market surge takes the S&P 500 Emini price above our highest WTZ. The question now is will the week close above or below 1351? Due to the number of weeks that have passed since the last time we closed the week above or below the Zones, it won't change the %. In fact, it would add a touch of realism to the whole thing. You never want to get to complacent about anything because nothing lasts forever except the love of God, a good woman, and a blue-tick hound.

Tonight's chart is one of my favorites. It shows price, volume and time. It also shows me a definitive change in the short term trend. The circles you'll see when you click and enlarge the chart mark the exact spot where the trend changed. Bearish to Bullish or Bullish to Bearish. The white candle as we have already discussed this week is our "heads up" that a change may be at hand. The conservative notations on the chart are based not on entering on the first bullish or bearish candle. Not that you couldn't but being a good conservative I threw some reality in and based it off the open of the 2nd candle after the trend change and even then I left some room for error.

 

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Thursday, what to expect!  We are technically in buy mode on the Daily Chart. Friday, we look for an inside to lower day! Today’s range was $1358.50 - $1346.75. The market settled at $1355.00. Our comfort zone or point of control for this market appears to be $1352.75.  Our anticipated potential range for Friday’s trading may be $1358.50  -  $1337.00. The market stays bullish above $1334.00.         

Leslie Burton

Senior Market Strategist

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