Emini Futures Trading / Google Slips On Earnings
E-Mini S&P 500: Lagging reports equate to sagging market?
It is the earnings season and so far the corporate earnings seem to miss expectations. Google today came out today without hitting the forecasts expectations. The earnings forecasts for this year seems to be fraught with anxiety over readings that normally may give the market a boost. The Initial Jobless Claims rose 27,000 to a seasonally adjusted 380,000. Goldman Sachs is again in the news only this time, they are under a senate investigation. Goldman shares had fallen 2.9%. Ford Motor Co. fell 1.8%. It is said that the earthquake somehow hindered the earnings for automakers this year. Crude Oil prices are still high and may weigh on the market. Inflation is still an element of concern. Today’s PPI rose .7 % attributed to the energy sector.
Yes, our lofty expectations for the recovery in the US has perhaps left us with doubts. When our government meets about budget cuts and loan bills while rumors circulate about a potential shutdown. When Goldman Sachs, the mega investment firm, is under scrutiny from our regulatory bodies. When natural disasters may make us feel helpless and when the Middle East is in turmoil, it is difficult to remain positive in the marketplace. You can see the safe-haven products such as Gold and Silver remain at their highs. It is a nervous marketplace, but everything in this world is temporary!
Friday, we look forward to CPI and Real Earnings at 7:30 AM CST. Capacity Utilization and Industrial Production at 8:15 AM CST.
Friday, what to expect! We are technically in fourth day sell mode. The E-Mini S&P 500 has taken its slide, but perhaps the shakeout has temporarily subsided. Tomorrow, we anticipate an inside to higher day! Today’s range was $1313.25 - $1298.25. The market settled at $1310.25. Our comfort zone or point of control for this market appears to be $1307.50. Our anticipated potential range for Friday’s trading may be $1318.75 - $1301.50. The market stays bearish below $1332.50. The E-Mini S&P 500 is postured to down trend on the Daily Chart, but tomorrow could be a reprieve for the bulls!
Best regards,
Leslie Burton
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