Emini Futures Trading / Dow 12,000 Now What?
January 26, 2011 at 8:09 PM State of the Union; State of the economy, “insufficient”?
President Barack Obama delivered his State of the Union Address yesterday evening! He covered all of the major issues as intended. The one area that seemed to stand out was, the economic recovery is continuing, but at an “insufficient” rate to make a significant improvement in the labor department. Unemployment fell to 9.4 from 9.8 in December. This was supportive to the Feds commitment on the $600 billion Bond buying program. The Congressional Budget Office estimated the US Deficit may rise to $1.48 trillion. The US Economy is expected to have expanded 3.5 in the fourth quarter. The polls are giving varied forecast around 3.5 . We expect the GDP Report to confirm the actual figure on Friday Morning. Energies and Grains were up today as tangibles were regarded to be in demand. The weaker US Dollar helped with goods becoming more attractive to buyers. New Home Sales were up. Corporate Earnings rose to support the E-Mini S&P 500. Basically, the investor sentiment was up on the President’s State of the Union Address. The E-Mini S&P 500 made a technical advance today as it finally made a high of $1296.75 through the previous double top of $1296.25. This was a small advance, but was extremely significant.
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What to expect tomorrow - We have Initial Jobless Claims at 7:30 AM CST. This may be a bearish report, but this market is holding some strength. It is likely that the bullish move will remain intact. It may be an “outside” day! The low of the day today was $1286.00 and tomorrow, we can see a lower low. $1277.00 is vital support to look for and the comfort level or point of control may be $1284.19. The high of the day may be $1297.50.
"We are what we repeatedly do. Excellence then, is not an act, but a habit."
Aristotle
Best regards,
Leslie Burton
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