Emini FuturesCast / The Daily Pod 05/25/11
May 25, 2011 at 5:16 PM (QQQQ)(DIA)(SPY)(GLD)(SLV)
First and foremost our thoughts and prayers are with the family of Mark Haines tonight. He was a remarkable man with an extraordinary career. He was well loved, much respected and will be greatly missed by all of us.
We cover much ground in just under 2:21 minutes today. We explore the 3 dimensions of the market, the cosmic clock, soybeans, corn, hoarding, emotional attachment to stuff, and once again my co-host squirmed when I mentioned the plight of the less fortunate. That bell's so easy to ring it's almost no fun anymore... well a little bit I guess. On a brighter note he assured me a good sulphur drug will scratch my itch and we learned that if you're struggling with your trading you can always take in ironing for extra income. Just ask Jake B.
We traded Corn in the Live Trading Room this morning as well as the Russell and the ES. I also placed this Corn trade during the live broadcast which was up on the big screen. That entry was defined by our indicators TO THE TICK! No ambiguity. Drop by and see how we do it - LIVE!
During the Live Broadcast I gave out 2 ES Freebies which could have made you 5 points on the way up and 5 points on the way down. Chances are, unless you're already a CFRN Partner, you didn't see it and therefore you weren't prepared to trade it. Did you see it? Have a look below where I've not only highlighted them both, but also left you with a few good ideas for Globex.
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E-Mini S&P 500: The Market drags as durable goods report lags!
The E-Mini S&P 500 had a 22 ¼ move today really not exhibiting any signs of a crashing market! The market broke through the downward range channel just slipping below to $1302.25. Durable goods fell 3.6 % in April. Between the Euro Zone debt problems on the horizon and the Durable Goods report, the market simply could not find a ray of sunshine to reach up to. The questionable part of it is that aircraft and automobiles had previously been the strong areas. The volatile aircraft bookings and the slowed auto parts coming from Japan weighed on the market. Costco Wholesale Corp. had reported a high quarterly profit boosted by gasoline sales. The energies sector had a mixed report with increased Crude Oil and Gasoline Stocks and yet the energies rose. Distillate fuel inventories had decreased creating bullish sentiment. Portugal’s bailout from Finland was finally approved. Greece is still having difficulty with the austerity program. The Euro Zone is still courting a very fragile economic environment and the recent indiscretion from the IMF President certainly cannot help the situation. It could be awhile before they are able to control the debt woes and focus on recovery. The dip today was not necessarily a sign of a sell-off, the market may breech critical points on the charts as perhaps a tease to lure traders to a potential trend that is either short-term or premature. The thought here is that the dip may be construed as potentially oversold and may automatically snap back at least for a short-term move. The trend is still down, but you can still cut up the chart and trade the short-term ranges.
Thursday we get Initial Jobless Claims and GDP at 7:30 AM CST.
Thursday, what to expect! We are technically still in sell mode on the Daily Chart! Thursday, we look for an outside day! Today’s range was $1324.50 - $1302.25. The market settled at $1316.50. Our comfort zone or point of control for this market appears to be $1315.25. Our anticipated potential range for Thursday’s trading could be $1327.50 - $1297.50. The market stays bearish below $1343.50.
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