Emini Futures Trading / S&P Emini Ropa Dope?
March 4, 2011 at 9:58 PM Crude Oil has the E-Mini S&P 500 on the ropes?
The E-Mini S&P 500 was basking in the light of the combination of a bright Unemployment Report slipping to 8.9%, a positive Initial Jobless Claims from yesterday and Private Sector Jobs advancing from the day before. Yes, at 7:30 this morning the market hit a high of $1334.50. Each round of Economic Reports have been pointed to a mild recovery. The Fed’s QE program still believed to remain in place. Then we get an upper cut from the dissention in the Middle East. Things heat up between Libyan Loyalists and Rebels as they fight over the key oil areas. It is a heavyweight match with no said referee. Venezuelan President Hugo Chavez offered to mediate a peace proposal. The Arab League said that a peace plan was under consideration for Libya, but nothing further was said regarding any mediation. The inverse relationship that the E-Mini S& P 500 and Crude Oil have may give the stock indices the punch to retrace back and test the $1300.00 level. Furthermore, Saudi Arabia and a host of other countries including the US fear a potential contagion on the unrest. The Euro Zone had the foresight to see the potential danger of hungry world citizens revolting against inflation and world hunger. They have talked of a world hunger fund set up to aid any country faced with starvation and poverty. US Treasury Secretary Timothy Geithner will travel to Germany on Tuesday to speak about the rescue fund, international financial reform and the peace within Libya and Iran.
