Emini Podcast / The Daily Futures 10/11/11
(QQQQ)(DIA)(SPY)(GLD)(SLV)
The market has been fixated with our Weekly Trading Zone 1187/1188 for 2 days now. Resistance, then support, the dance continues around the center of gravity. We spent most of the day session in a slightly downward sloping channel with the Zone as support until Alcoa reported after the bell and we got a gap lower open on Globex. It didn't last long. As I type we are right back to 1187/1188. To clear the top of the channel will require 1192. Without that the Zone below comes into play. You are invited to join us tomorrow in the Live Trading Room and find out exactly where the Zone above and the Zone below are. There are few certainties in the trading world but I assure you that price will indeed gravitate to one or the other. Once the journey is underway the profit potential is quite handsome whichever way it rolls.
Columbus Day had a nice rally but look where it stopped -
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