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Tuesday
Jun212011

Emini FuturesCast / 06/21/11

The Flight Deck was down but the show went on. Unexpected equipment upgrades should be complete within the next 24 hours, until then our Tower of Power 24/7 Stream remains silent. There will be a Live Trading Room tomorrow and a Live Broadcast as well so be sure to log-in. Just use the link you received in your email or Click Here. If you have any questions call 1-866-928-3310.

In my absence Michael and David didn't even notice I was absent. Did you?

Since we have no podcast tonight, here's Michael's first person account of what really went down...

I attached a screen shot of the corn trade I took during the show today..a nice 4 cent move!

click to enlarge

David and I discussed the S&P a little and we also covered his Reflected Wave bottom call for Silver on the 17th and how we could have benefited from many trades to the upside while it stretched to his extended target. I showed the elbow on a 3 tick range chart with the CFMA1 and how it pretty well nailed a nice up move from his bottom call to the final top of 36.40. if we had combined our forces.. (does that make 5 forces of the universe??!!) there were MANY opportunities for a day trader and or a swing trader to make a tremendous return in that period. Of course trading is risky as we always say, and you really can lose all your money.

Mr. Alan Matthews stepped up to the mic and stretched his pipes with a live question. He wanted to go over a trade from the live room this a.m. We never found exactly what he was looking for though but it gave us a chance to talk live and show the elbow on about 5 different markets and for that Alan we are forever indebted. BTW - It's David's turn to send you the $50 spot.
 
OK.. thats pretty well sums it up...

~Michael
Now how proud does that make the guy who invented internet talk radio? sniff.. sniff..
Here's Leslie's take on things -

 

E-Mini S&P 500: The calm before the Fed!

“One step forward, two steps back” perhaps could be the rhetoric used tomorrow in discussing the US economic growth and recovery. The GDP forecasts may be scaled back. The US Unemployment outlook may be built in at this point. While we do not at this point have high expectations of the FOMC announcement tomorrow by Federal Chairman Ben Bernanke, any stabilization may be calming and that may be ultimately what we get. Today, Existing Home Sales fell 3.8 % in May to an annual  rate of 4.81 million units. While the declines were discouraging, they were better than economists had anticipated. The housing demand has fallen and may take a few years to build again. Many of the transactions are unfortunately foreclosures and short sales. 

The day was packed with uncertainty as we awaited Prime Minister George Papandreou’s austerity program to the vote in parliament! The vote was 155/143 to adhere to the austerity measures proposed by the IMF and the Euro Zone officials to contain the debt crisis in Greece. They had to cut salaries and pensions while perhaps increasing taxes to qualify for the billions in loans. While the austerity measures were voted on, the people of Greece took to the streets rioting with anticipation of poor living standards due to the spending cuts. The IMF turned then to focus on Spain with concerns regarding deterioration of the economy due to high unemployment and a lackluster GDP. The austerity measures presented to Spain could curtail any potential path to follow Greece for a potential bailout. The US was also warned by Fitch’s that the AAA rating may be in jeopardy unless the measures are taken to thwart the disaster. While tomorrow may not be an optimistic bullish day in the market, it may point to a supportive means to an end. Perhaps the Federal Government may find that the very small steps toward recovery may be the most fruitful.

Wednesday is FOMC Meeting day.

NO SWEET TWEETS planned for tonight.

Wednesday, what to expect!  We are technically in buy mode on the Daily Chart! We still may experience some spike downs in establishing that bottom. Wednesday, we look for an inside to lower day or perhaps an outside day! Today’s range was $1292.75 - $1271.75. The market settled at $1288.00. Our comfort zone or point of control for this market appears to be $1283.50. Our anticipated potential range for Wednesday’s Trading could be $1297.50 - $1262.50. The market stays bullish above  $1253.00.   

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