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« Emini FuturesCast / The Daily Pod 07/19/11 | Main | Live Trading Room 1 Day Free Pass »

Emini FuturesCast / The Daily Pod  07/18/11


More technical issues but hey, we still pulled it off. Gold set record highs today! What comes next?

If you missed the Open House today, we will post a video link tomorrow.

Here's the ES Hourly Chart on Globex you could buy this pullback or wait for a close above 1308. Either way the setup is bullish. Drop in tomorrow and I'll show you how and why.

YM on Globex /  I very much like the idea of buying 12341 Limit.

E-Mini S&P 500: The monolith of economic woes create a labyrinth of lows!

The E-Mini S&P 500 spiked down this morning mostly on worries about the Euro Zone debt problems especially with a potential Greek default. The US still is in a deadlock on reaching a decision regarding the debt ceiling. As we draw closer to August 2nd, we are reminded of how risky it is to wait on the resolve. A credit default for the US would mean higher interest rates and a loss of the AAA credit rating that was so appealing to foreign investors. Should we not arrive at a solution soon, the US Dollar may face a sell-off. Foreign investors have already begun to liquidate US assets in May for the first time in 11 months. The lower interest rates have little appeal and the shorter-term assets such as bills and deposits contributed to the outflow. Treasury notes and bonds are still in demand and China is still buying, but the interest is not what it had been some years ago. The US assets had been the most sought out by foreign interest and now the Swiss Franc and Gold seem to benefit. It is also thought that we have such a fragile and slow recovery that the manufacturing sector may not lead the way as many had thought for the second half of this year. The Japanese earthquake and the Euro Zone debt crisis may have slowed things a bit or rather contributed to the slack production.

The Euro Zone has concerns about Greece, Portugal, Ireland, Spain and now Italy.  The Euro Zone’s 17 national leaders will assemble in Brussels on Thursday to work out the 2nd stimulus for Greece of $110 billion euros. European Central Bank President Jean Claude Trichet  is supportive to the finalization of a plan that favors each of the leaders. The second aid package may involve the European Financial Stability Facility. The Euro Zone feels that there will be little to no participation by the US as the issues are unresolved here.

On the stock side: Bank of America Corp was down 2.8 to  $9.72.  Halliburton Co. was up to $53.12.  International Business Machines Corp. was up 2.4  to $179.45.  We have one US economic report due out tomorrow and do not expect any great changes.  Mergers and acquisitions or stellar earnings could impact the day tomorrow.

Tuesday, we have US Housing Starts and Permits at 7:30 AM CST!

Tuesday, what to expect!  We are technically in sell mode on the Daily Chart! Tuesday, we look for an inside day! Today’s range was $1314.75 - $1291.25. The market settled at $1300.50. Our comfort zone or point of control for this market appears to be $1301.50. Our anticipated potential range for Tuesday’s Trading could be $1310.50 - $1293.50. The market stays bearish below $1347.50. Tuesday, we may see a continuation of today’s lower price action if indecision in the US Government prevents a resolve for the debt ceiling talks and if the Euro Zone continues with the contagion fears. If we see a positive outcome on either issue, this market may still have a relief rally and a turn-around Tuesday trend change.

Leslie Burton

Senior Market Strategist

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Podcast for Monday 07/18/11

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