Emini FuturesCast / The Daily Pod 07/29/11
July 29, 2011 at 8:46 PM (QQQQ)(DIA)(SPY)(GLD)(SLV)
George waves good-bye (read more)
Are you long or short? Perhaps you're not a gambler and chose to reamain on the sidelines while the good folks on Capitol Hill decide the state of our nation. As we mentioned on the show, it was reported yesterday that the US Treasury now has an operating cash balance of $73.8 billion -- $2.4 billion less than the cash that Apple, the computer giant, has on its books.
The reason is simple: Apple collects more cash than it spends. With Washington, it's the other way around. And increasing Washington's revenues via higher taxes does nothing to rein in spending.
The vote comes in tomorrow at 1pm we're told. In the interest of full disclosure I will repeat what I said on the show - I am flat all futures positions over the wekend.
With that out of the way, let's have a look at our hourly chart. The archer has drawn back his bow, the string is taut, and when Globex opens away she flies...
If you like the slingshot concept better than the bow and arrow analogy, you absolutely must watch this fellow! No doubt, before the week is out I will create a trade for CFRN Partners called... you guessed it -
The Sling Shot
Do technicals foretell the news, or do news events create the chart? Let us all watch and learn...
SPECIAL NOTE:
I was going to call the new trade Sling-Shot Ninja but when I looked up Ninjas on thesaurus.com today, I got "Ninjas cannot be found"...
Well played ninjas, well played...
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