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Monday
Jun062011

Emini FuturesCast / The Daily Pod  06/06/11

(QQQQ)(DIA)(SPY)(GLD)(SLV)

Today we chatted with our friend and attorney Chris Olsen, spoke to David Williams in a post-seminar world, gave all the markets our typical once over and reached a firm agreement to return tomorrow and repeat the process perhaps with more of a flourish...

Apple really stole the day and potentialy changed the way the world will compute. Forever! That box on your desk or even the one in your hands are destined to become really smart/dumb devices that will simply transport you and your stuff to and from the cloud. Not just any cloud mind you... the iCloud.  Amazon and Google are a little bit concerned tonight. GO STEVE!

XOXO,

Apple FanBoy

 

E-Mini S&P 500: How low is low?

The E-Mini S&P 500 extended the losses of last week today as the reality of our sluggish recovery was reflected in trading! The US Unemployment report of Friday weighed on the market as the Non-Farm Payrolls report had shown 54,000 jobs added in May. The US Jobless rate has risen to 9.1 in the midst of high food and energy prices. Bank stocks may have led the decline as JP Morgan and Chase were down about 2.5 . Citigroup and Bank of America were down about 4% as a Federal Reserve Member stated that perhaps more reserve capital should be held lowering the amount of potential loan money that may be given. Airline stock such as Delta and AMR Corp. lost about 3 as fuel prices, unrest in the Middle East and the earthquake in Japan seemed to weigh on the sector. Oil stocks fell as Opec suggested that they will ramp up production while demand is still sluggish. The Energies such as PHLX oil service sector index was down 3.2 and Chevron Corp. fell 1.3 %. The driving season is well underway and we are significantly behind in terms of demand for the season. The election in Peru left traders with more doubt as army commander Ollanta Humala took the Presidency leading traders to doubt the official’s capacity to manage the economy.  “Soft patch” and “bump in the road” may be a way to soften the snail’s pace recovery, but  this retracement is not over yet. Trend change or reversal? The longer term picture suggests that we could possibly see $1264.00 yet as growth lags and QE2 is finished June 30th.  Many analysts feel that any further stimulus probably would not be introduced until 2012. With that is mind, we may trend lower yet. The Euro Zone, while going through the same debt fears with Greece, Ireland, Spain and Portugal may introduce further rate hikes to support the Euro FX. The US Dollar may trade down to $73.00 while we see the allocations perhaps flow toward the Treasuries and the Gold Market.

Tuesday, we look forward to US Consumer Credit at 2:00 PM CST.

Here's the latest from our Twitter Feed @CFRN

 

 DeWayne Reeves 
 

 

Corn Live Trade

Our Sentiment Indicator went Bearish 2 hours into the session on June 1st at 1334.00 Today's low was 1283.25. That's a 50 point drop. Tune in tomorrow for the "Line in the Sand" report.

Tuesday, what to expect!  We are technically in sell mode on the Daily Chart! Tuesday, we look for an inside to lower day! Today’s range was $1299.00 - $1283.25. The market settled at $1285.00. Our comfort zone or point of control for this market appears to be $1292.50. Our anticipated potential range for Tuesday’s trading could be $1297.50 - $1272.50. The market stays bearish below $1341.75.    

 

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Podcast for Monday 06/06/11

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