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« Emini FuturesCast / The Daily Pod 06/10/11 | Main | Emini FuturesCast / The Daily Pod 06/08/11 »

Emini FuturesCast / The Daily Pod  06/09/11


Big Day under the Big Top. Ready?  Woke up hit the iPad in bed to check the daily incoming...  email from Netflix says "Thx very much for your business your credit card has been declined there will be no more streaming for you, please drop dead." Oh snap! Called the bank who admitted I had been so quiet for so many years just paying my bills on time and never asking for anything they weren't quite sure I was real or ever was real and yes all cards and lines were severed 3 days ago. Seroiusly? Went through Employee 1 to Employee 2 to Employee 3 who finally said, "I see you're a business customer". Why yes I am. "Well sir it seems your call has been routed to the wrong department. In fact, I need to transfer you to another state." Would that be the state of confusion or fear or both? Talked to Level 1, Level 2 then the almighty get 'er done Level 3 employee who confirmed that yes indeed it was all true and not only would there be no more Buster Keaton marathons, but life as I knew it would pretty much cease to exist going forward. (actually it already had 3 days ago) Harrumph. I hated being an imposition on the  nice lass but I pressed my case forward. Is there anything we can do to fix this? I've been a client for half my adult life. You have 3 of my corporations in your hands, an LLC, my non-profit 501c3 international charity, a domestic foundation and my safety deposit box. Not to mention I need my Neflix. I've never once bounced a check across 9 accounts or even been late on a single commercial or residential mortgage payment of which there are more than a few as you can clearly see. In fact,  I've never been late, not ever, not once, on not nothing, not nohow. (you can see I was getting pretty worked up by this point)  "Well sir, that's not true." It isn't? "No sir, I do see 1 late payment some years ago. It was the annual fee on a credit line you've never used.  Would you like to me to try and rectify the situation?" You mean turn my Netflix back on? Yes please. "One moment"......  "Sir I'll need to ask you a few questions......." 15 minutes later my transformation from Prince to Pauper back to the Trader formally known as Prince was complete. My kingdom was intact and I could now get out of bed. Got to work late even though it's a pretty short commute, nailed the corn for 4 cents, talked to Mike Reed for a while, reminisced about the Wild Wild West and his Time Life collection which is always nice, decided to write a Rock Opera about day trading with Michael B and talked David W into financing it. Stumbled over some natural numbers with the Dave man, he commented on my luxurious mane and led us to believe there could be a bottom coming in the Euro, of course we talked about his Hi Ho Silver trade, we then as a public service encouraged folks to never live from a place of weakness instead just be yourself (ok he said it I just agreed), I then rolled out my plans to head for Starbucks and the infamous oh so delish' Turkey Bacon Breakfast Sandwich, David then dished some nonsense about why we all so work so hard and I wrapped that package with a little Lover Boy - Everybody's Working for the Weekend and yes the fan was blowin'......... So how was your morning?

Partners Meeting tonight so no time for charts.

Here's a quick recap of last night's Tweets.

Consider selling ES 1274.75 (never triggered)

YM consider selling 12012 Stop or Buying 12091 Stop whichever opportunity presents first. Manage your risk (buy side triggered and ran to 12174 / Max PP = 83 points)

Corn consider Selling 7.5800 Stop / Buying 7.6950 whichever triggers first (buy side triggered and ran to 793.00 for a 23 cent gain)

Euro 6E consider selling 1.4601 Stop ( either you scalped 10 ticks profit, or got stopped out, or managed the risk down to 100+ pip possible profit, for the record - we'll call it a loss)

E-Mini S&P 500: The scale tips and the market lifts!

The E-Mini S&P 500 had its share of underwhelming economic reports as of late. The market seemed to flip as we noted the increased exports possibly due in part to our weakened US Dollar. The rise in oil prices may have lifted the energy sector. The increased US exports could help with an increase in the Gross Domestic Product growth. The investor sentiment seemed to change, while still fragile, buying seemed to dominate the day’s trading. Texas Instruments Inc. rose 0.7 to $32.91 and Fusion –io was up 18.4 to $22.50. A cautious eye turned to the US listed  Chinese Stock as some accounting scandals surfaced. We view today’s strength as a potential reversal for the market and look for a bottoming effect to confirm. The lower extensions that we have seen with the E-Mini S&P 500 alone warrant a potential retracement. Granted the export data is inspiring, but it is a natural reaction of the market to pop up after being pressured. (in other words... don't get to giddy just yet)

 Much of the focus remained on the Euro Zone as the Greek austerity program must be embraced before they may qualify for the next bailout. The European Central Bank has left interest rates unchanged for the moment, however; President Jean Claude Trichet commented that they may be raised next month.  The next potential hike may be factored into the market already.  

Friday, what to expect!  We are technically in sell mode on the Daily Chart, but we are looking for a potential reversal from the engulfing pattern! Friday, we look for an inside to higher day! Today’s range was $1294.00 - $1275.25. The market settled at $1287.50. Our comfort zone or point of control for this market appears to be $1286.00. Our anticipated potential range for Friday’s trading could be $1301.50 - $1285.50. The market stays bearish below  $1324.00. While we are bearish overall, we look to perhaps buying the dips.


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Podcast for Thursday 06/09/11

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