Emini Futures Trading / Legs Up To Where? To The Zone Robin!
February 28, 2011 at 8:42 PM E-Mini S&P 500 – another leg up?
The E-Mini S&P 500 hit a high of $1329.00 today (WTZ) signaling that a bounce after the dip may inspire some bulls to re-enter. Tomorrow is the first of March. Economic Data has supported the indices. Warren Buffet came in with some commentary directed to his own company “Berkshire Hathaway” that may be construed as fairly positive. Lately, many mergers and acquisitions have played a role in boasting the Stock Market as a whole. Often, bargain hunting will take place after an increase in mergers and acquisitions. The Libyan crisis, although not over, seems to have taken a step back in terms of fears for the US. Saudi Arabia has increased production of Crude Oil to compensate for the Libyan Oil disruption. US Banks also froze $30 billion in Libyan assets this last weekend as a vice to Muammar Gaddafi in response to the bloodshed of the Libyan people by Gaddafi. President Barack Obama signed the executive order to freeze the assets. It is thought that the European Union may also take such action as well. Federal Chairman Ben Bernanke testifies to Congress on Tuesday and Wednesday. It is thought that although the recovery is gaining ground that the unemployment picture may keep the QE in place.
Today’s US Reports: US Personal Income rises .1 % and Chicago PMI seems solid rising to 71.2 in February.
Tomorrow, we look forward to US Construction Spending and ISM Manufacturing at 9:00 AM CST.
Between the Lines
Bearish Cross Sunday night stopped out for 2 point loss, Bullish Cross still in play some 10 hours and 30 points of travel later.
;)
What to expect tomorrow for the E-Mini S&P 500! Today’s uptrend had a high of $1329.00 and the low $1313.00. $1326.00 was the close. We remain in sell mode on the Daily Chart as long as we stay under $1334.00. Our comfort level or point of control is $1322.75. We anticipate some bargain hunters with potential buying opportunities. We look for tomorrow’s potential range to be approximately $1342.00 - $1319.00. This market may pick up the traction that it needs tomorrow as the market may shake off the lows and break-out of $1334.00. At that point, the bulls may enter the market with confidence that momentum may temporarily take the market to a potential new high.
Defeat is not defeat unless accepted as a reality-in your own mind.
- Bruce Lee-
Best regards,
Leslie Burton
CF_Sentiment = BULLISH
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