Emini FuturesCast / The Daily Pod 05/19/11
(QQQQ)(DIA)(SPY)(SLV)(GLD)
Just another day at the office........
E-Mini S&P 500: At the crossroads! Mixed data today puts us at the crossroads on the E-Mini S&P 500 Daily Chart! Initial Jobless Claims fell 29,000 to 409,000 last week. All the while, the Philadelphia Federal Reserve Bank reported the business activity index had fallen to a seven month low. Our expectations for US economic growth come in about 3 – 3.5 . The earthquake in Japan is still a factor slowing our growth as auto parts and manufacturing may be delayed as Japan rebuilds its country after the devastation. US Existing Home Sales were glum as the sales of the homes fell 0.8 last month to 5.05 million units annual rate. The abundant foreclosed properties in the marketplace make it a buyer’s market, but with such a fragile economy, the most aggressive investors may be cautious. The brightest part of the trading day may have been brought about by LinkedIN Corp. as they were up 110 % to $94.25. We wait for the remaining balance of earnings report for further direction. The intriguing part of this picture is the fact that we have seen some fairly bright reports and earnings, yet we remain in a downtrend channel. One begins to look at factors that may cause this market to break-out or break. The outlook to me would potentially a break-out above the channel to entice the bulls and then a sharp move down to create a bear summer market. Trading in the channel is a worthy strategy with the proper tools and discipline.
Last Night's Tweet was good for a Max profit of 2.5 points
Zone to Zone Opportunity
Tonight we like the idea of Selling 1338 Stop with an initial target of 1328
More Aggressive Entry
Consider Selling 1341.75 Limit
Tomorrow night we will reveal all the Weekly Trading Zones used by the CFRN Partners in this weeks trading. If you like what you see... Take the FREE TRIAL!
A Special Welcome to the new Partners, we look forward to trading with you.
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