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Thursday
Jul282011

Emini FuturesCast / The Daily Pod  07/28/11

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

Deal or No Deal?
Where's Howie when we need him? Oh that's right... America's Got Talent, not cash.

China considers putting U.S. on eBay.

 

The Great White

 

 

E-Mini S&P 500: The debt deadline draws near and all bets are off!

The House was scheduled to vote between 5:45-6:15 EDT on a Republican plan presented by Speaker John Boehner to raise the debt ceiling! News has circulated about a postponement.  The two components of the plan are to raise the borrowing limit of the US and to cut spending in the hope of balancing the budget and becoming the financially sound nation that we had been. The goal should be around $4 trillion. With the spending cuts, we possibly could see tax hikes, decreased income/pensions to job cuts for government workers, Medicare cuts, military and security cuts are also feasible.

The US Initial Jobless Claims was better than expected falling by 24,000 to 398,000, when analysts’ anticipated 415,000. The National Association of Realtors reported the pending Home Sales at a plus 2.4 % rise in June. This is the second month in a row of an increase.  

The earnings were mixed!  Federal-Mogul was up 4.9 to $20.11.  Green Mountain Coffee Roasters was up 16.9 to $103.03.  Exxon Mobile Corp. was down 2.1 % to $81.58.

Even to the technical trader, all bets are off as the global trading community awaits the “deal” from the house. One has to wonder if some of the issues don’t take on a political agenda. The credit rating agencies must have a sustainable austerity plan in order to keep the US as a AAA credit rated country.  As we draw near to the deadline, the volume may thin further as anxiety and fear may sideline some traders. The initial decision or release of a plan may initially spike the market both ways. Typically some confusion may create increased volatility. The market may need time to digest any decisions and perhaps lag on the direction.   

Friday, we have the US Employment Cost Index, GDP and Chicago PMI due out at 7:30 AM CST.

 

Friday, what to expect!  We are technically still in sell mode on the Daily Chart! Friday, all bets are off given the uncertainty of a debt-ceiling announcement! Today’s range was $1313.00 - $1295.25. The market settled at $1296.75. Our comfort zone or point of control for this market appears to be $1304.00. Our anticipated potential range for Friday’s trading could be $1322.00 - $1278.00. The market stays bearish below $1345.00. The E-Mini S& P 500 may continue to free fall to $1267.00.

Leslie Burton

Senior Market Strategist

 

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Podcast for Thursday 07/28/11

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