Emini FuturesCast / The Daily Pod 05/16/11
(QQQQ)(DIA)(SPY)(GLD)(SLV)
Graduation, Gold, and one Grumpy old man (me).
The onset of further economic worries may lead to a potential gap down tomorrow! Technology and non-essential stocks reacted to the weakened economy by falling today. NY Fed manufacturing “Empire State” business conditions index fell to 11.88 from 21.70 in April. NAHB Index of six month home sales was the lowest since September of 2010. We now note the inverse relationship between the US Dollar Index and the E-Mini S&P 500. We usually notice the inverse relationship between the precious metals and the US Dollar Index, but now we see the dollar pressuring most of the other commodities markets. Amazon and EBay fell about 3 each, JC Penny fell 3.2 , Lowe’s fell about 3 while Cliffs Natural Resources was up 3 and Pfizer and Merck up .4 and .3 % respectively.
Tuesday, we have US Housing Starts and Permits at 7:30 AM CST. US Capacity Utilization and Industrial Production at 8:15 AM CST.
The last TWEET to consider selling the ES @ 1337 Stop now looks something like this -
Follow us @CFRN
Are you looking for a better way?
We have one.
Trading's not easy, but it can be simple.
Reader Comments