Emini Futures Trading / Will GS Increase Our Credit Line?
E-Mini S&P 500: Stellar expectations not for sellers?
It is the earnings season and the bulls have waited to grasp the positive flow of business to boost the economy! Technology stocks such as Riverbed Technology Inc. and EMC Corp. led the market higher. JPMorgan Chase & Co. stock fell after the bank’s chief executive remarked on a conference call that it was unlikely that there would be a dividend hike soon. Retail Sales were up .4 today, but this was the smallest increase in the last nine months. Business Inventories were up .5 less than expectations. President Barack Obama has been setting the stage for his budget cuts in the deficit. The market sentiment seems to have changed perhaps since the budget meeting last Friday or perhaps after Goldman Sachs told their investors to liquidate their commodity positions. The knee jerk initial reaction did take the market down from its stand still, but how far down can it escalate. Bears are back in control for the moment and looking for further selling opportunities. It will be interesting to see how Goldman Sachs makes its money after redirecting their clients. Perhaps, they too are bargain hunters just waiting for the support number to get back in?
Thursday, we look forward to Initial Jobless Claims and PPI at 7:30 AM CST.
BETWEEN the LINES
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Thursday, what to expect! We are technically in third day sell mode. Yes, this market can go higher, but with continued light volume, may just be another sell opportunity! We anticipate this market to have an inside to lower day on Thursday! Today’s range was $1318.75 - $1305.00. The market settled at $1308.75. Our comfort zone or point of control for this market appears to be $1311.00. Our anticipated potential range for Thursday’s trading may be $1320.50 - $1301.50. The market stays bearish below $1335.00. The E-Mini S&P 500 is postured to down trend! We look to sell the potential bounces!
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