Emini Futures Trading / Fed Admits Policy Not Working
February 9, 2011 at 9:17 PM E-Mini S&P 500 faces headwinds!
The E-Mini S&P 500 attempted to lurch forward as Bernanke spoke about fears of inflation! He stated to the House Panel that 9 % Unemployment was simply too high and the rate of inflation too low to stir away from the current policy stand. Coca Cola and Walt Disney reported strong earnings today holding the market on course. Bank of America also rose toward the end of the day allowing the market to drift higher. Clearly the market lacked some direction today! A breeze of economic reports were missing today, anchoring the E-Mini S&P 500 enough to pause at $1322.00. The E-Mini S&P 500 still is in an uptrend. The low of the day was $1311.75. The close was $1319.25.
Tomorrow, we look forward to the US Initial Jobless Claims and Wholesale Trade at 7:30 AM CST.
Between the Lines
Our Indicator Special expires in 48 hours. Tonight we look at the CF_Cycle Indicator. Again I've removed everything from the chart except the indicator we're focused on. All the information you need is on the chart. We'll cover it tomorrow in detail during the live broadcast.
;)
What to potentially expect tomorrow! $1304.00 becomes key support with today’s action. The top of the day may be $1324.75. The point of control or comfort zone of the E-Mini S&P 500 may be $1317.50 for tomorrow’s trading! The upbeat sentiment continues – the trend is your friend!
The world is a dangerous place, not because of those who do evil,
but because of those who look on and do nothing.
- Albert Einstein
Burton R. Schlichter
Daniels Trading
Senior Market Strategist
Connect with us: 
Reader Comments