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Wednesday
Apr062011

Emini Futures Trading / Stall At The Top?

E-Mini S&P 500: Are we there yet?

The E-Mini S&P 500 is at the crossroads and needs to surge through $1337.75 in order to maintain its bullish tone! We have been embroiled in the higher range of this market, yet the crucial break-out has not taken place. Clearly, we need the E-Mini to gather momentum, but it is difficult with light volume.  Watching the big picture in today’s marketplace, it was clearly the metals that took center stage advancing to higher highs. Perhaps the funds were back allocating to the safe-haven products. The US Dollar withdrew to the lows and perhaps helped the case for the metals.  Mergers and acquisitions are stimulating the indices as earnings and company news highlight the stocks. Cisco Systems Inc. was up along with PHLX semiconductor index, Microsoft Corp. and Broadcom Corp. Monsanto Co. reported their net earnings up about 15% due to increased seed sales. As the demand grows for food products, the seed companies, fertilizer companies and farming equipment companies should be increasing their sales. We approach earnings season with optimistic anticipation of growth and a show of recovery.  Abroad, German industrial order were higher than expected. Another rate hike from China pressured the stock market as a whole in their efforts to control inflation. The Euro Zone is still focused on Portugal as the credit rating was down slightly. 

Our US Government is currently working on the budget, a deadlock could cause astronomical disruptions in our US services, Social Security and every facet of the American life that one could imagine. 

Thursday, we look forward to US Initial Jobless Claims at 7:30 AM CST and US Consumer Credit at 2:00 PM CST.

 

BETWEEN the LINES
How do you wipe out a day's work in 21 minutes?


Just another day at the Zone Factory...


Thursday, what to expect!  We are technically in buy mode, but need to break out of this expanding range!   We anticipate this market to have an inside to higher day on Thursday! Today’s range was $1336.50 - $1326.00.  The market settled at $1329.00.  Our comfort zone or point of control for this market appears to be $1330.50. Our anticipated potential range for tomorrow’s trading may be $1325.50 -  $1342.50. The market stays bullish above $1317.00. The E-Mini S&P 500  is in a do or die, fragile position. If we  do not have confirmation of a break out, we could see a potential 5% retracement.

 

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Best regards,

Leslie Burton

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