Emini Futures Trading / PPT Hard At Work Ahead Of Speech?
Earnings and the material sector keep us positive on the day!
Without any major economic news today the focus was on earnings and the chart. Intel had a share buy back program to renew some optimism. Shares of Alcoa were up 4% as they forecast further demand. Copper demand was also up based on China’s growth. Other stocks were mixed. The real question is whether this market can penetrate $1296.25 ? This particular zone becomes pivotal in the direction of the E-Mini S&P 500 as traders size up the bulls and some of the key components of a bull market.
Tomorrow, we look forward to Consumer Confidence at 9:00 AM CST. Tomorrow evening, we have President Barack Obama’s State of the Union Address at 9:00 PM. His address should entail issues such as spending and the jobless rate. His response on these points may in fact be vital in his political future.
Between the Lines
The E-Mini S&P 500 maintains a failed attempt at $1300.00 as the market simply could not get through $1296.25. It is definitely holding support at $1277.00 which has been key support for us. This strength should not be written off. We may not have a great quick recovery for the debt woes of this country, but the indices are holding. The bears anticipating a wash out have been disappointed. Our high today was $1289.75 and the low $1277.75. The comfort zone or point of control is possibly $1284.50. We look for a potential buy at $1277.00, but wait for the 9:00 AM Report to be sure that we are still holding support.
Accept challenges, so that you may feel the exhilaration of victory.
-George S. Patton
Best regards,
Leslie Burton
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