Emini Futures Trading / Pop Fly On Asian Open
March 24, 2011 at 8:18 PM E-Mini S&P 500: Propelled higher by earnings reports?
The E-Mini S&P 500 had an inside to higher day mostly propelled by anticipated higher earnings reports! We have overcome the fears of a nation of people facing the earthquake in Japan followed by the tsunami, the turbulence in Libya and now possibly Syria, the debt woes of the Euro Zone to a renewed confidence in the market. Note the events are still in play, but the sentiment has turned optimistic in some of the headwinds of these events. Acquisitions, mergers and earnings reports have been the fuel for the market in the face of many natural disasters and economic uncertainty. Semiconductor stocks helped launch the market as Micron Technology Inc. reported better than forecasted quarterly profit. They were up 8.4%. Best Buy had better than the forecasted earnings. Out of the energy sector, Tesoro Corp. was up 40.4%. Oracle Corp. was up .4%.
Today’s US Initial Jobless Claims fell 5,000 to a seasonally adjusted 382,000. Durable Goods fell .9%.
Friday, we look forward to US GDP due out at 7:30 AM CST.
BETWEEN the LINES
Unusual action on Asian open spikes our highest Weekly Trading Zone @ 1311/1312.
;)
Friday, what to expect! We are technically in buy mode and believe that this market may continue the move up! We came off of the low of $1241.25 one week ago with the potential to forge some new highs. Today’s range was $1306.75 - $1289.25. The market settled at $1305.25. Our comfort zone or point of control for this market appears to be $1300.00. We may look to buy this market tomorrow! We view this as perhaps a possible buy set-up with a potential range of $1319.25 - $1293.00. Please note that timing is everything and while we may divulge a brief overview of what may affect tomorrow’s market, trade set-ups are strategically planned according to time and price action. In this marketplace, a trader needs to arm themselves with the weaponry to deploy into a complicated marketplace. The CFRN Live trading room is your boot camp for your commodity future.
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Leslie Burton
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